Forman Capital, LLC
We seek attractive risk-adjusted returns by originating and acquiring real estate secured debt. By leveraging our unique industry expertise, and using disciplined underwriting of real estate and credit risk with an emphasis on downside protection, we generate above average risk adjusted returns and offer our borrowers more competitive and more creative capital solutions. We operate three investment strategies. Opportunistic Bridge and Special Situations We originate first mortgage bridge loans on special situation real estate. These investments typically have characteristics that create hurdles to traditional lenders, such as quick closing requirements, foreclosure and/or bankruptcy, or discounted loan payoffs. Using disciplined underwriting with an emphasis on downside protection, we are able to quickly quantify risk. By providing unique and customized loan structures, we help borrowers create value in these special situations. Subordinate Debt Originations We originate mezzanine loans, second mortgages, and B-notes. Our borrowers are experienced, local and regional, middle market developers and operators with successful track records. These transactions typically have a value add component and one to three year investment periods, with fully capitalized business plans. The subject real estate is typically well located in primary and secondary markets. By investing with qualified sponsorship and well located real estate, we provide an efficient cost of capital and enable our borrowers to achieve their investment objectives. Performing and Non-performing Note Acquisitions We acquire performing and non-performing whole loans, B-notes and mezzanine loans secured by all asset classes of commercial real estate. These notes are either fixed or floating rate, have remaining terms of one to ten years, and are typically purchased at a discount. While maintaining disciplined underwriting standards, we will invest our capital at an attractive basis relative to the present value of the underlying collateral. We invest in real estate secured debt across a range of asset and transaction types. Below is a summary of our investment criteria. Investment Sizes: $2 to $10 million Locations: Primary and secondary markets, nationwide Security: First Mortgage and Subordinate debt Property Types: Office, retail, multifamily, industrial, hospitality, and commercial land. Alternative assets considered on a case by case basis Investment Horizon: Up to three years, plus extension options Loan to Value: Up to 75% Pricing: Varies, depending on transaction characteristics
Real Estate Specialization
| Multifamily |
| Office |
| Industrial |
| Retail |
| Land/Development |
| Hotels |
Investment Type
| Debt |
Investment Style
| Core |
| Core+ |
| Value-add |
| Opportunistic |
| Development |
Typical Deal Size
| $5,000,000 - $10,000,000 |
Brett Forman
Mr. Forman founded Forman Capital, LLC in 2004 and has spearheaded its successful growth since. Prior to founding Forman Capital, Mr. Forman was a Principal at Sylvan Ventures, LP (a joint venture between Apollo Advisors and Sylvan Learning Systems), a $350 million venture capital firm. Mr. Forman spent five years in the retail business as President & C.O.O. of FEI, Inc. and County Seat Stores. Mr. Forman concentrated on real estate and retail transactions when he worked in corporate finance and mergers and acquisitions at Bear Stearns & Co. Mr. Forman graduated University of Pennsylvania, The Wharton School with a B.S. in Economics and a concentration in Real Estate Finance. Mr. Forman serves as Trustee on the Foundation Board of the Achievement Centers for Children and Families in Delray Beach, FL.
Daniel DeMott
Mr. DeMott is a Vice President in Forman’s Palm Beach office. During his tenure at Forman Capital, Mr. DeMott has overseen more than $300MM of commercial real estate transactions including investments in mortgage loans, distressed acquisitions, and tax lien certificates. A native of South Florida, Mr. DeMott graduated from Florida Atlantic University with honors with a B.B.A in Real Estate. Mr. DeMott remains active in the FAU Alumni Association and was inducted into the FAU Parliament of Owls in 2007, being recognized as a distinguished alumnus. Dan also serves as a trustee to The Morikami Museum and Japanese Gardens.
Brian Grossberg
Mr. Grossberg is responsible for originating, underwriting and closing real estate debt and equity investments across the entire capital stack. Prior to joining Forman Capital, Mr. Grossberg managed all financial functions and operations for New Urban Communities, a real estate developer of infill sites throughout South Florida and Northeastern Illinois. During his ten-year tenure he worked on all aspects of the development process, structured debt and equity financing and set leasing and sales strategies. Previously, he was an Assistant Vice President at GE Equity, the private equity arm of General Electric, where he underwrote new investments and served on the Board of Directors of numerous portfolio companies and as an Advisory Board member to several venture capital firms. Before earning his MBA, Mr. Grossberg worked in the Financial Advisory Services Group of PricewaterhouseCoopers, where he consulted on mergers and acquisitions. He also worked in the Real Estate Tax Consulting Practice for Price Waterhouse in Atlanta, GA. Mr. Grossberg holds an MBA from Duke University, where he graduated second in his class and was a Fuqua Scholar. He also earned a Masters and BS in Accounting with highest honors from the University of Florida. Mr. Grossberg is a Certified Public Accountant.