Forman Capital, a leading private direct real estate lender, provided $7.86 million in debt financing for the development of 99 single-family homesites near Asheville, North Carolina. Once completed, the developer, L.B. Jackson & Company, plans to sell the lots to a national builder planning a starter-home community called Rolling Hills.
Forman Capital’s Ben Jacobson, Scott Mehlman, Ty Regnier and Cameron Fleury represented Forman Capital in the transaction. The borrower is L.B. Jackson Founder and Owner Ken Jackson.
The development site is located on 48.5 acres at 24 Queens Road in the quaint mountain town of Candler, approximately 15 minutes west of downtown Asheville. Candler is known for its rolling hills, scenic beauty, and easy access to many outdoor activities and attractions, such as the Blue Ridge Parkway and Pisgah National Forest.
The lots will be ready for sale in approximately 12 months, and home prices are expected to be in the mid-$400s.
“Candler is a place where homes are still relatively affordable compared to metro Asheville where prices are out of reach for many working families,” said Scott Mehlman, Forman Capital Partner and Chief Investment Officer. “Rolling Hills presents an opportunity for someone to buy a new home for under a half million dollars and be just a short car ride from everything Asheville has to offer.”
“This is our first transaction with this sponsor, but we have had a long-time relationship with the national company that will buy the lots and build the homes,” said Jacobson, a Forman Capital Partner. “The deal is a perfect fit for our niche doing lot development deals, and demonstrates our versatility in providing solutions for a variety of financing needs.”
Link to site plan: https://www.dropbox.com/scl/fi/yayba41a1qlxjn764f7d1/Rolling-Hills-Site-Plan.pdf?rlkey=0ee7dm7zeoy9rkwftuaqx7tr3&st=z4ron9xr&dl=0
About Forman Capital:
Palm Beach-based Forman Capital is a provider of private commercial real estate debt and equity financing for transactions ranging from $5 million to $100 million. The firm focuses on short-term construction financing, mezzanine debt, and preferred equity across various real estate asset classes and geographies. Company principals Brett Forman and Ben Jacobson have closed more than $3 billion in commercial real estate transactions since 2004. For more information, visit www.formancap.com.
