Racetrack Toy Collection is being built adjacent to the Homestead-Miami Speedway
Forman Capital, a private direct real estate lender based in Palm Beach County, Florida, provided a $12,790,806 construction loan for a 28-unit warehouse development in Homestead.
Located at the corner of SW 336th Street and SW 142nd Avenue, the project, known as Racetrack Toy Collection, comprises two single-story buildings totaling 69,681 square feet. The small-bay warehouse units for sale range from 1,989 to 3,873 square feet. Construction has begun and is expected to be completed in September 2024. Over a third of the units have already been pre-sold. Prices start at $656,370.
The sponsor is E&M Warehouse II, LLC, whose principals have a strong track record of developing commercial properties throughout South Florida.
“This is a strong, bankable sponsor, however, they needed a short-term construction loan that had to close fast, since they are already under construction,” said Scott Mehlman, Forman Capital partner and Chief Investment Officer. “We were able to get the loan closed and fund their first draw with us in less than 30 days.”
“The Forman Capital team excels in positive results. They were expeditious in securing our construction loan with the highest level of professionalism, focus and agility. Forman puts relationships first, and you feel that in working with them,” said Chad Moss, a partner in the Homestead project.
Racetrack Toy will be gated and have 80 on-site parking spaces and a loading area. Each unit comes with a roll-up door and bathroom.
“We like this project a lot because it has strong pre-sales and is ideally located next to the Homestead-Miami Speedway,” said Benjamin Jacobson, a Forman Capital partner. “I expect the spaces will be highly coveted among companies that do business with the track or during the many track events held each year.”
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 $2.6 billion in commercial real estate transactions since 2004. For more information, visit www.formancap.com.