Forman Capital, a boutique commercial real estate lender based in Palm Beach County, Florida, financed the acquisition of a 5.5-acre development site and adjoining utility easement in the Atlanta suburb of Lawrenceville, Georgia. The property owned by Parkland Communities is located at 3535 Sugarloaf Parkway and is zoned for 67 townhomes, which will be built as rentals.

Forman Capital’s $5.5 million senior loan is secured by two other sites owned by Parkland in Stonecrest, Georgia. One 32-acre parcel is approved for 129 single-family homes and the other 30-acre site will be developed with 260 build-to-rent townhomes. The borrower will use a portion of the loan proceeds to pay off debt on both properties which are located near Hayden Quarry Road and Turner Hill Road.

The borrowing entities are Parkland Communities, Inc. and Sugarloaf Crest, LLC.

Alpharetta-based Parkland Communities is a privately held residential real estate development and investment firm with more than two decades of experience in the Atlanta market.

“This was an opportunity to assist an existing client while investing in future rental housing in a supply-constrained market that is undergoing rapid expansion,” said Scott Mehlman, Forman Capital’s Chief Investment Officer. “As one of the most prolific build-to-rent developers in Georgia. Parkland is creating new housing opportunities to meet the needs of the growing population.”

“In a time when so many lenders have become unpredictable, it is refreshing to work with one who consistently delivers reliable solutions,” said Jim Jacobi, Parkland Communities president. “Forman Capital does what they say and has a well-seasoned team of experts to do it fast.”
The firm is currently pursuing other opportunities in the Atlanta area.

Forman Capital currently has over $650 million in its pipeline with several deals set to close over the next few weeks. In April 2023, the firm acquired a $24.1 million fully performing note secured by a 7.3-acre development site in Miami owned by an affiliate of Neology Life.