Forman Capital Funds Construction Loan for Taylor Townhouse Rentals

The townhomes will provide much-needed new housing just 1.6 miles away from a $25 billion Samsung chipmaking plant that is under construction. The plant’s opening has been pushed back to 2025 due to a lack of qualified workers. The Tesla gigaplant is about 30 miles away.

Forman Capital funded a $19.496 million construction loan and preferred equity investment for a 64-unit townhome rental project in Taylor, Texas. “Many traditional lenders have pulled back on real estate lending creating a financing gap for worthy projects,” said Forman’s Ben Jacobson. “Preferred equity can be an ideal solution to fill that gap and get a deal to the closing table.”

Developer Townbridge Capital plans to construct three and four-bedroom townhomes ranging from 1,500 to 1,900 square feet. All townhomes feature detached two-car garages, quartz countertops, stainless steel appliances and durable, low-maintenance finishes.