July 22, 2021
PEARLAND, TX – July 22, 2021 – Today, Trez Capital announced the closing of a $44 million loan to Massey Oaks Development, LP for the development of 372 single-family lots in the first phase of a new master-planned community called Massey Oaks. Located just south of the city of Houston in Pearland, at the intersection of Harkey Road and McKeever Road, Massey Oaks will put an emphasis on mature tree preservation within the community, large open spaces and numerous recreational features for residents. The four-phase development spans 356 acres and will have approximately 950 homesites upon completion.
“We’re pleased to provide the financing for Massey Oaks, a modern, new master-planned destination that will attract many families and young professionals due to its natural setting, mature trees, extensive amenities and its location just outside Houston,” said John Sullivan, vice president of Trez Capital. “Houston and the surrounding cities are rapidly expanding and this is one of the last tracts in that area of any size that could be developed. Massey Oaks Development is taking prudent care to capture the character of the land with its storied history as a part of the Massey Ranch, which was founded by the Massey family of Pearland.”
“We have been working on making our vision of Massey Oaks a reality for nearly three years, working hard to maintain the legacy of the Massey family and the preservation of the land and countless trees that define the property while revitalizing the area,” said Ron Cobb, manager of Massey Oaks Development. “The city of Pearland has been great to work with throughout this process, and we look forward to the completion of this new community, which will provide a sense of ‘small-town charm’ while giving buyers easy access to the employment hubs in Houston and its surrounding areas.”
Massey Oaks pays tribute to the mature live oaks and other hardwood trees on the Massey Ranch, which were planted by the Massey family. The overall aesthetic and recreational amenities of the community will embrace the ranching heritage of the property. Massey Oaks’ tree-lined streets will offer modern, urban homes in a tranquil suburban setting. The detached homes will start from the high $300’s and all homes are zoned for Alvin ISD. Residents will enjoy an exclusive amenities center with a lakefront open-air pavilion, playgrounds and a splash pad, in addition to extensive walking and biking trails throughout the property, wrapping around the community’s countless parks and recreational areas including a grove and lake park area.
“We are proud to be part of the Massey Oaks team,” said Paul Grohman, president, Gromax Development. “Being based in Pearland for over 20 years, we’ve been a part of the tremendous growth of the city and know that Massey Oaks possesses the unique qualities and livability that residents expect.”
The master-planned community provides easy access to major thoroughfares and is approximately 4 miles east of State Highway 288 and 3 miles west of SH35. Two home builders are currently under contract for the single-family lots in phase one, Meritage Homes and Castle Rock. CBA Land Capital, L.P. provided investment equity for the project.
The phase one lots are expected to deliver in the first quarter of 2022.
For more information about the financing of this deal, please contact John Sullivan, vice president at Trez Capital at 214.545.0966 or JSullivan@TrezCapital.com.
About Trez Capital
Founded in 1997, Trez Capital is a diversified real estate investment firm and preeminent provider of commercial real estate debt 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, high-yield mortgage investment funds and like investment assets and provide property developers and owners with quick approvals on flexible short- to mid-term financing.
With offices in Vancouver, Toronto, Dallas, Atlanta and Palm Beach, Trez Capital has over $3.9 billion in assets under management and has funded over 1,500 transactions totaling more than $12.5 billion since inception. The Dallas office has funded more than $3 billion in loans. For more information, visit www.trezcapital.com.
About Massey Oaks Development, LP
Massey Oaks Development, LP is an affiliate of Commercial Partners of Nevada, LLC, a diversified real estate development company based in Reno, Nev. The principals of Commercial Partners have extensive experience developing single-family residential real estate throughout the West and look forward to bringing their vision to Massey Oaks.
About CBA Land Capital
Headquartered in Houston, CBA Land Capital works with residential developers and homebuilders primarily in south-central Texas to assist and provide capital structures, which allows for the acquisition and development of land and lots. The team’s understanding and knowledge of land development, local market conditions, and capital markets provide a unique combination of skills to assist with structuring a project. For more information, please call 281-602-0600 or visit www.CBALandCapital.com.