SFR Lot Development

Land, New Development
Amount: $

StackSource recently arranged a $24M single-family lot loan to develop 1,035 SFR lots on two separate parcels comprised of 307 acres. The developed lots will be sold to a national home builder whom will build the townhomes and single family homes on the lots. Senior Managing Director Beth Mercante arranged the 24 month loan term which includes a draw schedule and debt pay down with lot sales. The properties are located in the city of Greensboro, NC. The leverage for the first phase is close to 100% to allow the developer to complete the infrastructure and site work. Overall the leverage is 52% on the total horizontal development costs.