June 13, 2023
Project’s first phase will include 281 single-family homes
DALLAS/LAVON, JUNE 12, 2023 – The Dallas-based office of Trez Capital announced the closing of a $24 million loan to Provident Realty Advisors’ for the development of 281 single-family lots in the first phase of a new master-planned community, Hillstead. The 540-acre community is located just north of Rockwall in Collin County and will have approximately 1,000 single-family homes upon completion with lot sizes ranging from 40 to 70 feet. This deal marks Trez Capital’s fifth financing to Provident Realty Advisors.
“Provident Realty Advisors is thrilled to team yet again with Trez Capital as one of our capital partners in the land development space,” said Rylan Yowell, the managing director of master-planned communities at Provident Realty Advisors. “Working with Grant and his team is always a pleasure! Hillstead should prove to be a great community with a strong builder lineup in Perry Homes, Drees Homes, Highland Homes and American Legend Homes. In this tough lending environment, we’re pleased that Trez Capital understood the potential of this tract of land with its strong schools and proximity to Rockwall.”
Hillstead complements “lake life” sitting in between Lavon Lake and Lake Ray Hubbard, providing residents with amenities catered to recreational living. The community will offer a variety of outdoor and indoor activities including a clubhouse, a pool, hiking and biking trails, pocket parks and scenic lookouts. The property is located just off Highway 205 in the coveted Wylie Independent School District and is nearby the robust retail shopping area in Rockwall. The master-planned community will provide easy access to job centers via I-30 to the south and highway 78 to the north.
“The Dallas-Fort Worth area continues to be a popular area due to inbound migration and a strong economy. There continues to be a shortage of single-family homes with demand outpacing supply in the region, with no signs of slowing down for the next few years, so we are pleased to provide financing for this new master-planned development that will help meet the need for more single-family homes,” said Grant Morrow, vice president of origination for Trez Capital, Central & Southwestern. “Lavon and the Rockwall area provide a vibrant, small-town feel for those families who want a quieter atmosphere but also need convenient access to Dallas – this development will offer just that.”
The phase one lots are expected to be delivered in late spring/early summer of 2024.
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 $5.4* billion CAD in assets under management and has funded over 1,700 transactions totaling more than $17.5 billion CAD since its inception. The Dallas office has funded more than USD $6.2 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 $3.0 billion Manager AUM (Trez Capital Fund Management Limited Partnership)).
About Provident Realty Advisors
Provident Realty Advisors, Inc. is a privately held real estate and investment firm that has thrived through three decades and multiple market cycles with foresight, depth of experience, and a unique ability to adapt to shifting demands, market trends and challenging economic cycles. Provident seeks to provide exceptional risk-adjusted returns to its investor partners through superior development of opportunistic and value-added strategies. Since its formation in 1991, Provident has developed or invested in more than $5.5 billion worth of real estate projects across the country. For more information, please visit www.providentrealty.net.