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Forman Capital<\/a>, a leading private direct commercial real estate lender, closed a $14.99 million\u00a0construction loan for\u00a0the first phase\u00a0of Tradition at Commerce Park (TCP), a shallow bay industrial center\u00a0planned for\u00a012051\u00a0Southwest\u00a0Tom Mackie\u00a0Blvd.\u00a0in Port St. Lucie, Florida.<\/p>\n The borrower is BTH Development Partners, a Florida-based family office and developer.\u00a0The Forman Capital team that worked on the transaction includes Scott Mehlman, Ty\u00a0Regnier,\u00a0Mike\u00a0Rediker,\u00a0Brett\u00a0Forman\u00a0and Ben Jacobson.<\/p>\n Phase\u00a01\u00a0of TCP will consist of 73,600 rentable square feet split across two buildings:\u00a0a 38,400-square-foot\u00a0building and\u00a0a\u00a035,200-square-foot\u00a0building,\u00a0with construction expected to be delivered over an 18-month timeline. Each building\u00a0can\u00a0be subdivided into\u00a0spaces as small as\u00a03,200\u00a0square feet, providing maximum flexibility for a broad range of industrial and\u00a0logistics\u00a0tenants.<\/p>\n Construction is expected to begin\u00a0later this summer.\u00a0No tenants have been announced.<\/p>\n TCP is envisioned as a four-phase development that will\u00a0ultimately deliver\u00a0approximately 552,000 rentable\u00a0square feet\u00a0of industrial space, making it one of the most significant industrial projects underway in St. Lucie County.<\/p>\n Port St. Lucie has\u00a0emerged\u00a0as one of Florida\u2019s\u00a0top\u00a0industrial markets, underpinned by explosive population growth and a strategic location equidistant between Miami and Orlando. This rapid growth is generating substantial and sustained demand for last-mile industrial and distribution facilities capable of serving the region\u2019s expanding consumer base.<\/p>\n The county\u2019s ongoing economic development initiatives\u00a0have\u00a0created low unemployment,\u00a0further supporting tenant demand for well-located industrial space.<\/p>\n \u201cPort St. Lucie is one of the most compelling industrial development stories in the Southeast\u00a0U.S.,\u201d said Scott Mehlman, Forman Capital\u00a0Partner\u00a0and Chief Investment Officer. \u201cThe population growth is real, demand drivers are in place, and Tradition at Commerce Park is exceptionally well-positioned to capture the\u00a0logistics\u00a0demand this market is generating. We are pleased to support BTH Development Partners on this exciting first phase.\u201d<\/p>\n \u201cMulti-tenant, flex-space\u00a0industrial product in high-growth, supply-constrained markets is exactly the type of opportunity we seek to finance,\u201d said Brett Forman, Forman Capital\u00a0Managing Partner. \u201cBTH Development Partners has a clear vision for this project and the Tradition submarket, and we look forward to supporting their long-term business plan as the project\u00a0scales.\u201d<\/p>\n About Forman Capital<\/p>\n Delray Beach, Florida-based Forman Capital provides private commercial real estate debt and equity financing for transactions ranging from $10 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\u00a0$3 billion\u00a0in commercial real estate transactions since 2004. For more information, visit\u00a0www.formancap.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Forman Capital, a leading private direct commercial real estate lender, closed a $14.99 million\u00a0construction loan for\u00a0the first phase\u00a0of…\n","protected":false},"author":2,"featured_media":315829,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[171,173,172],"class_list":["post-315828","post","type-post","status-publish","format-standard","has-post-thumbnail","category-port-st-lucie","tag-port-st-lucie","tag-port-st-lucie-headlines","tag-port-st-lucie-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/315828","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=315828"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/315828\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/315829"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=315828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=315828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=315828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}