Forman Capital Lends $32M for Delaware Residential Community

A-Del Construction has sealed $31.55 million of construction financing to develop a single-family home community in Delaware, Commercial Observer has learned.

Forman Capital closed the loan to fund A-Del’s planned Silver View Farm project in Middletown Del., while Real Property Capital’s Benner Green arranged the transaction. The development will consist of 192 home sites on 123 acres of former farmland that A-Del plans to sell to a national homebuilder, according to Forman. 

Scott Mehlman, chief investment officer and partner at Forman Capital, said in a statement that Middletown is an example of “strong suburban growth markets” it seeks to lend “through critical early stages of the development life cycle.”

Located near the Delaware River at 994 Vance Neck Road, 24 miles south of Wilmington, the development site is just east of a Downtown Middletown area that has recently experienced “significant residential growth” due to its proximity to large employers throughout the region, according to Forman. The project is slated to be complete in 36 months.

“They brought a well-conceived project in a strong growth market, and we’re proud to support Silver View Farm,” Brett Forman, managing partner at Forman Capital, said in a statement. “We look forward to building a long-term relationship and partnering on future opportunities.”

Representatives for Newark, Del.-based A-Del Construction did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.