Forman Capital Provides $31.55M Construction Loan To A-Del Construction For Middletown Development Site

The asset involved in this transaction is a development site located at 994 Vance Neck Road in Middletown, Delaware. The site is intended for the Silver View Farm community, which will consist of 192 lots. The construction financing provided for this project amounts to $31,550,000, which will facilitate the development over the course of 36 months.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $31,550,000
• Lender: Forman Capital
• Landlord: A‑Del Construction
• Loan Type: Construction
• Market: Middletown, DE
• Planned Lots: 192
• Developer's Plan: Sell finished lots to a national homebuilder
• Loan Arrangement: Real Property Capital

This transaction involves key participants including Forman Capital, which provided the construction financing, and A‑Del Construction, the landlord overseeing the development. The financing aims to support a project that is expected to conclude within three years, positioning the developer to engage with national homebuilders upon completion.