Our team was engaged by a repeat client to arrange development financing for a 718-lot residential community in the Austin MSA. The site was owned free and clear at the time of financing, with the project presold to multiple homebuilders at closing.

The project sits on 584 acres and is approved for 718 lots across three phases, plus a 30-acre commercial tract. Our client, and their joint venture equity partner, acquired the site in 2021 and then completed all entitlements and well infrastructure. The partnership had previously declined an as-is purchase offer, opting instead to develop and sell lots in phases to homebuilders.

Builder demand for the project was strong, with offers received from 6 prominent home builders in the market, including both private and public.

LFB is actively working with this Sponsor on multiple other residential communities across the larger Austin MSA.