July 19, 2022
Financing for 300 single-family lots for first phase of new 138-acre development, Indian Springs
CROSBY, Texas – July 19, 2022 – Trez Capital announced the closing of a $15.3 million loan to Windy Hill Development, LLC for the development of 300 single-family lots in the first phase of Indian Springs, a new planned community located just outside Houston, in eastern Harris County on Indian Shores Road near the eastern shores of Lake Houston. The four-phase development spans 138 acres and will have approximately 583 homes upon completion.
“With the shortage of single-family homes and lots in Texas, Trez Capital is pleased to provide the financing for Indian Springs, bringing more homes to this rapidly expanding area of Houston,” said John Sullivan, vice president of origination at Trez Capital. “The improvement and expansion of FM 2100 has opened up the east side of Lake Houston to new development. Indian Springs with its heavily wooded surroundings and accessibility to Lake Houston, creates a family-friendly environment at a price point that welcomes young families.”
“With our family history of real estate and land development in the area dating back nearly 100 years , we are delighted to bring our vision to life alongside our investment partners,” said Rachael Hall, principal of Windy Hill Development. “Indian Springs embodies the spirit of Texas and reinforces our commitment to maintaining our family’s building legacy.”
Indian Springs complements “lake life” with its amenity offerings, inviting residents to immerse themselves in recreational living. Residents will have access to an exclusive amenities center along with ample, beautiful walking trails and 3 acres of parks. Residents will enjoy the community’s proximity to Indian Shores Golf Course as well as homes zoned for Crosby Independent School District for families with school-aged children.
The planned community provides easy access to major thoroughfares and is approximately 6 miles north of State Highway 90. Lennar is the builder under contract to purchase all the lots within the community. Connor Investment Real Estate provided equity to purchase the land and fund the infrastructure development for the first phase of the project.
The phase one lots are expected to be delivered in 2023.
Windy Hill Development currently has 10 projects in active development, including Indian Springs, with just over 8,700 residential lots planned covering more than 3,300 acres.
About Trez Capital
Founded in 1997, Trez Capital is a diversified real estate investment firm and preeminent provider of commercial real estate debt and equity financing solutions in Canada and the United States. Trez Capital offers private and institutional investors strategies to invest in a variety of opportunistic, fully secured mortgage investment funds, syndications, and joint ventures; and provides property developers with quick approvals on flexible short- to mid-term financing.
With offices across North America, Trez Corporate Group has over $4* billion CAD in assets under management and has funded over 1,600 transactions totaling more than $15 billion CAD since inception. The Dallas office has funded more than $5.1 billion in loans. For more information, visit www.trezcapital.com. (*Trez Corporate Group AUM includes assets held by all Trez-related entities as well as $2.8 billion Manager AUM (Trez Capital Fund Management Limited Partnership)).
About Windy Hill Development
Windy Hill Development is led by industry veteran Houston developer Randy Hall whose projects over the past 30 years include Marina del Sol, Bay Colony, Lakewood Village, Wingate Park, Fairgreen, Settlers Village, Galvez Shopping Center, Painted Meadows and Joseph’s Cove. Current projects include Gulf Breeze, Wayside Village, Mesa Vista, Indian Springs, Bayou Bend, Diamond Oaks, Palmetto Creek, Esperanza, Prairie Meadows and The Ridge.”
About Connor Investment Real Estate
Connor Investment Real Estate is a private equity real estate firm focused on risk-mitigated investment strategies in residential and commercial development target areas. Headquartered in Houston, Connor Investment Real Estate works with residential developers and homebuilders primarily in south-central Texas to assist and provide capital structures allowing for acquisition and development of land and lots. The team’s understanding and knowledge of land development, local market conditions, and capital markets provides a unique combination of skills to assist with structuring a project. For more information, visit connorinv.com.