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GoodHomes Converting Triad Hotel to Apartments
Forman Capital provided a $9.41 million construction loan to a developer who will convert a vacant hotel into an apartment community. GoodHomes Communities will soon begin construction on a 5.25-acre site located at 2444 Maple Ave. in Burlington, N.C. Ben Jacobson, Scott Mehlman and Ty Regnier originated the debt on behalf of Forman Capital.
GoodHomes is planning to convert 131 rooms at the hotel into 135 studio residential units. OYO GoodHomes, as the new community will be called, will offer amenities, including a renovated swimming pool, fitness center, game room and storage space. Rent is expected to be approximately $900 per month, which is well below average prices in nearby markets.
Additional square footage will be available to lease to a commercial user.
OYO is located near the I-85/40 interchange, providing commuters with access to major employers in and near Greensboro-Winston-Salem and Raleigh-Durham.
- ◦Development
