A local real estate firm plans to build a more than 500-acre master-planned community north of Rockwall that will include roughly 1,000 single-family homes.
The Dallas office of Trez Capital recently announced the closing of a $24 million loan to Provident Realty Advisors for the first development phase of a community in Lavon called Hillstead.
The first phase of the Hillstead development will include approximately 1,000 single-family homes with lot sizes ranging from 40 to 70 feet, according to a June news release by Vancouver-based Trez Capital.
The community is expected to carry the allure of “lake life” due to its location between Lavon Lake and Lake Ray Hubbard.
The 540-acre community will also include amenities catered to recreational living, such as a clubhouse, a pool, hiking and biking trails, pocket parks, and scenic lookouts, according to Rylan Yowell, the managing director of master-planned communities at Provident.
The project’s first phase is expected to be completed sometime next spring or early summer 2024, Dallas Business Journal reported.
Provident is thrilled to team up with Trez Capital on the project, according to Yowell.
“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,” said Yowell in the news release. “Hillstead should prove to be a great community with a strong builder lineup in Perry Homes, Drees Homes, Highland Homes and American Legend Homes.”
While Trez Capital’s loan to Provident marked the fifth round of funding, John Hutchinson, the newly named co-CEO of Trez Capital, highlighted the difficulty of landing such a large-scale financing deal, reported DBJ.
Once completed, the Hillstead master-planned community will provide quick access to job centers via I-30 to the south and Highway 78 to the north, according to Grant Morrow, vice president of origination for Trez Capital, Central & Southwestern.
“The Dallas-Fort Worth area continues to be a popular area due to inbound migration and a strong economy,” Morrow said in the news release.
“There continues to be a shortage of single-family homes with demand outpacing supply in the region,” he said.
With no evidence of easing demand, Trez Capital said it was pleased to provide financing to Provident, noting how it will help Texas “meet the need for more single-family homes.”
According to Hutchinson, home sales are very good here in Texas.
“Builders are selling homes. They’re buying down mortgages in many cases for their homebuyers who want to get into the homes with a lower interest rate,” he told the DBJ. “But we have a shortage of housing in Texas, which is, I think, getting worse instead of better since housing construction slowed down.”
