Forman Capital has closed a $9.7 million preferred equity investment in support of Elysian, a forthcoming 323-unit apartment community to be developed by Unicorp National Developments, Inc. The multifamily project is planned for 9743 Avalon Road in Horizon West, a fast-growing suburb of Orlando situated near the region’s major theme parks.
Construction is expected to begin shortly, with completion slated for the third quarter of 2027. The investment closed on July 22, with Forman Capital represented by Brett Forman, Managing Partner; Ben Jacobson, Partner; Scott Mehlman, CIO and Partner; and Ty Regnier, Vice President.
“This investment reflects our strong belief in the strength of the Orlando market and track record of this particular developer,” said Brett Forman. “Elysian will bring high-quality rental product in a desirable location to a supply-constrained area. We greatly appreciate the partnership, trust and respect of repeat borrowers like Unicorp.”
Led by Chuck Whittall, Unicorp ranks among Central Florida’s most prolific developers. The firm has previously partnered with Forman Capital on projects such as The Ritz-Carlton Residences, Orlando, Grande Lakes, and the SOTA 75 rental community in Sarasota.
“Having previously partnered with Unicorp, we are consistently impressed by their ability to execute on different types of large-scale residential projects in growth markets,” said Ben Jacobson. “Unicorp has a deep understanding of the Central Florida region in particular, and Elysian is an ideal opportunity to expand our relationship with the company.”
“This transaction aligns perfectly with our strategy of backing experienced sponsors in high-growth markets,” added Scott Mehlman. “Horizon West is at the center of that momentum, and we believe Elysian is well-positioned to deliver long-term value.”
Forman Capital specializes in construction and bridge loans ranging from $10 million to $100 million and offers equity financing for select opportunities across Florida, the Southeast, and the Midwest.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
Be the first to comment on "Forman Capital Closes $9.7 Million Preferred Equity Investment for Multifamily Project at 9743 Avalon Road in Horizon West"