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Construction · Bridge · Conversion · Completion

Construction and Bridge

First mortgage, interest only, 12 to 36 months with extensions.

$2,000,000 – $200,000,000 Senior Construction Ground-up and development, to 75 percent of cost
$1,000,000 – $150,000,000 Institutional Bridge Acquisition, maturity takeout and lease-up, to 75 percent of value
$1,000,000 – $100,000,000 Mezzanine & Preferred Placed behind the senior at the same closing
Interest reserve funded at closing Draws against inspected work Recourse and non-recourse both available Future funding for capex, TI and LC

Asset Types

Business purpose only. Major and secondary markets in 47 states. Written to an entity, non-owner-occupied, first mortgage position. If the asset is not on this list it is still worth sending, because the structure matters more than the label.

Ground Up

Senior Construction

A first mortgage that runs from site work through certificate of occupancy, sized off total project cost and completed value. The interest reserve is funded at closing, so the project carries no payment during the build, and draws release against inspected work.

Balance sheet and debt fund capital · direct
$2,000,000–$200,000,000Loan Size
75%Loan To Cost
12–36 MoInterest Only
SOFR+Rate Basis
BothRecourse Options

How Each Loan Is Sized

AssetWhat gets financedTermLTC
Multifamily Garden, mid-rise and high-rise apartments, townhome and horizontal build-to-rent, workforce and affordable with tax credit or bond layers, student and senior rental. 24–36 moto 75%
Mixed-use Urban infill and transit-oriented, residential above ground-floor commercial, and phased master plan where the retail and the residential run on different timelines. 24–36 moto 75%
Condominium Mid-rise and high-rise for-sale, presale and escrow release structures, unsold inventory and bulk unit loans, end-loan and presale takeout at certificate of occupancy. 24–36 moto 70%
Industrial Bulk distribution, last-mile and infill logistics, cold storage and food grade, light manufacturing and flex, small-bay multi-tenant, industrial outdoor storage. 18–36 moto 75%
Hospitality Select service, extended stay, full service, boutique and resort. Franchise approval and brand PIP obligations underwritten alongside the construction budget. 24–36 moto 65%
Healthcare Assisted living, memory care, independent living and skilled nursing, plus medical office and ambulatory surgical. Lease-up and census ramp capital sized into the loan. 24–36 moto 70%
Every program. First mortgage, interest only, interest reserve funded at closing, draws advanced against inspected work. Recourse and non-recourse both available depending on sponsorship, asset class and leverage. A completion guarantee is customary even where the repayment obligation is non-recourse. Higher all-in leverage is reached by placing mezzanine or preferred behind the senior at the same closing rather than after it.
What decides it. Experienced sponsorship, a general contractor under contract, and a budget that survives a third-party cost review. Those three carry more weight than the rate. A file missing any of them still gets priced, it just gets priced wider.

Also Under This Program

  • Horizontal development, land development, lot infrastructure and subdivision
  • Phased construction where each phase carries its own release and takeout
  • Forward takeout, construction to permanent and agency forward commitments
  • C-PACE placed alongside the senior on a qualifying improvement scope
  • Sponsor recapitalization, partner buyout or equity replacement at the start of construction
Send The Project → ☎ (561) 410-2098
Completed Assets

Institutional Bridge

For a building that is finished and operating but does not yet carry permanent debt. Sizing follows current and stabilized value, and future funding is committed at closing to pay for the business plan.

Non-recourse available · future funding
$1,000,000–$150,000,000Loan Size
75%Loan To Value
12–36 MoPlus Extensions
AvailableNon-Recourse

What It Solves

  • Maturity takeout. An existing construction loan coming due, a maturing bridge, a bank loan not being renewed, a balloon, or an exit from special assets or forbearance
  • Lease-up to stabilization. Certificate of occupancy reached and no permanent debt yet. Bridge to agency, and bridge to HUD on a 232 or 221(d)(4) takeout
  • Acquisition on a short close where a bank or agency execution cannot meet the contract date, with earnest money already at risk
  • Value-add, unit renovation programs, re-tenanting a vacancy, and capital expenditure holdbacks funded by draw as the plan is executed
  • Recapitalization, partner and member buyout, equity replacement, and cash-out against appreciated basis
  • Note and lender exits, note-on-note, performing and non-performing first mortgage acquisition, and discounted payoff financing
Future funding is the point. Capital expenditure, tenant improvement and leasing commission dollars are committed at closing and drawn as the business plan is executed, so the sponsor is not back in the market twelve months later for the second half of the money.

Capital Behind The Senior

  • Mezzanine, $1,000,000 to $100,000,000 behind a senior construction or bridge loan
  • Preferred equity, structured last dollar in and first dollar out
  • Rescue capital where the senior is in place and the equity gap is the problem

Placed alongside the senior at the same closing rather than after it, so the full stack is priced and committed together instead of leaving a hole that has to be filled under time pressure.

Send The Asset → ✉ Email It
Existing Buildings

Conversion, Adaptive Reuse and Completion

Changing a building's use and finishing a project somebody else started each carry their own terms and their own diligence here. Most construction desks will not quote either one.

Mechanics lien resolution structured into the closing
SituationWhat gets financedTermSize
Conversion Office to apartment or condominium, hotel to multifamily or senior housing, apartment to condominium and the reverse, industrial to self-storage or flex. Historic tax credit and state incentive layers accommodated in the structure. 18–36 mo$2M–$200M
Adaptive reuse Historic mill and warehouse conversion, institutional buildings such as schools and churches taken to residential or hospitality, and shell buildings where the structure is sound and the use is new. 18–36 mo$2M–$200M
Completion A project 30 to 95 percent complete where the original lender stopped funding, the budget ran short, the general contractor walked off, or the sponsorship changed. Existing mechanics liens are resolved at the closing rather than left to litigate. 12–30 mo$2M–$200M
Special situations Foreclosure and receivership takeouts, bankruptcy exits and debtor in possession, litigation and partnership disputes sitting on title, and ground lease and leasehold collateral. 12–36 mo$2M–$150M
What a completion file needs up front. The original budget against actual spend to date, a current contractor cost-to-complete, the lien position of everyone who has worked on the site, and a plain explanation of why the first lender stopped. That last one is the question every completion lender asks first, and answering it in the submission is what separates a file that gets priced from one that gets passed.
Send The Situation → ☎ (561) 410-2098
Construction & Bridge Request

Project Review In One Business Day

An offering memorandum, budget or term sheet in hand is the fastest way to start. Anything you do not have yet can be left blank.

Or send it by email or call (561) 410-2098.

Business purpose only. We never collect money before closing. Loan sizes, leverage and terms shown describe current network capacity and recent market execution and are not a commitment. Every transaction is subject to underwriting, third-party reports, and final approval by the funding source. Forman Capital Partners is a commercial capital advisory firm and not a direct lender. No upfront fees under any circumstances.

Forman Capital Partners is a commercial capital advisory firm. We are not a direct lender, bank, mortgage broker, real estate broker, or real estate agent. We do not originate, fund, underwrite, or service loans. All financing is arranged through and provided by independent third-party lenders. Our role is limited to introducing borrowers to potential lending sources and assisting in the facilitation of the loan process.

No Guarantee of Financing. Submission of an inquiry does not constitute a loan application, pre-approval, commitment to lend, or guarantee of financing. All loan terms, rates, conditions, fees, and approval decisions are determined solely by the individual third-party lender. Loan amounts, LTV ratios, interest rates, closing timelines, and other terms referenced on this page are representative ranges based on current market conditions and our network experience.

Business-Purpose Loans Only. Forman Capital Partners arranges business-purpose commercial loans only. We do not arrange consumer residential mortgage loans.

No Upfront Fees. Forman Capital Partners does not charge upfront fees under any circumstances. All advisory fees are disclosed in writing prior to closing and are only collected upon successful completion of a financing transaction.

Representative Terms. Leverage, pricing, loan sizes and timelines referenced on this page describe current network capacity and recent market execution rather than committed terms. Every transaction is subject to underwriting, third-party reports, credit, entity and property review, and to final approval by the funding source. Nothing on this page is an offer or commitment to lend.

Not Legal, Tax, or Financial Advice. Information on this page is for general informational purposes only and does not constitute legal, tax, financial, or investment advice. Karina Vasquez, Esq. is independent counsel and her involvement in structuring and review of capital advisory transactions is limited to the work agreed to in writing on a matter-by-matter basis.

Equal Opportunity. Forman Capital Partners is committed to providing equal service to all clients regardless of race, color, religion, sex, national origin, familial status, disability, or any other protected class.

State-Specific Disclosures. Headquartered in Florida. All financing arranged through independent third-party lenders responsible for compliance with applicable state and federal laws. Forman Capital Partners serves borrowers in 47 states. Nothing on this website should be construed as a representation that any particular product is available in any state.