Three recent deals demonstrate the speed, scale and flexibility of financing across the capital structure while traditional lenders continue to retrench. Värde Partners provided more than $250 million of capital to purchase and fund the development of three single-family residential projects.
“The U.S. housing market represents a significant investment opportunity for Värde, with compelling supply demand dynamics driven by low interest rates, demographic trends and secular shifts accelerated by COVID-19,” said Brian Schmidt, partner at Värde.
The transactions are:
- A $100 million land bank facility with Dream Finders Homes. The capital will be used to acquire land in Florida and Colorado, with a focus on Jacksonville, Orlando and Denver.
- The acquisition of Verde River, an active adult master-planned community in Scottsdale, AZ, including 55-plus housing and an agreement with Shea Homes to continue developing and building out the project. The community will include 1,210 homes.
- The acquisition of Sunfield, a late-stage master-planned community in Austin, and formation of a joint venture with IHP Capital Partners to manage the project. The community is nearly half complete with 2,770 lots remaining out of 6,550.
“Master-planned communities in particular have maintained strong levels of demand with buyers seeking attractive lifestyle communities that offer substantial open space,” adds Brendan Bosman, managing director at Värde.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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