LFB was engaged by a new client to arrange acquisition and development financing for a 649-lot master planned community in Charlotte, NC. At time of financing, the project was pre-sold to a public homebuilder.

The project covers 155 acres and offers three product lines - 319 single family detached homes, 168 single family attached homes, and 162 condos. With a rolling takedown structure, the lots will be absorbed by the public homebuilder over a 40-month period.

From a leverage standpoint, LFB was able to secure 85% LTC, and 65% LTV, with the builder deposit being applied to the capital stack, further reducing our client’s equity contribution to less than 10% of total project costs. The financing was non-recourse.

LFB is actively building a programmatic relationship with capital for this client so they can continue to acquire and develop their extensive pipeline of roughly 2,000 lots in the southeast.