Greysteel, a national commercial real estate and capital markets services firm, has arranged an approximately $93 million senior construction loan for horizontal infrastructure of a large-scale master-planned residential community in Brunswick County, North Carolina. The project will deliver over 2,000 single-family lots, with five national and regional homebuilders already under contract for lot takedowns.
The transaction was led by Greysteel Associate Landen Nix, with support from Senior Director Daniel Hartnett. They worked with a New York-based lender to secure the financing, which involved refinancing a challenged legacy capital stack and upsizing the loan to accommodate the conversion and sale of paper lots during development. The final financing represents approximately 81% of the project cost.
Greysteel navigated a competitive market by leveraging deep relationships with a curated group of 10 to 15 qualified land development lenders, quickly sourcing multiple competitive term sheets. The team’s strategic guidance allowed the client to prioritize this time-sensitive transaction while structuring a flexible loan that met the project’s evolving needs. The successful execution highlights continued lender confidence in well-structured development projects with strong sponsorship.
“In a capital markets environment defined by higher rates and lender selectivity, securing flexible financing for horizontal infrastructure is paramount,” said Nix, who marks the first closing of his career with this landmark deal. “This transaction required a forward-thinking partner, and the lender delivered with certainty of execution. Their ability to upsize the loan and structure terms around future lot sales was instrumental in recapitalizing the project and unlocking its next phase.”
“I am grateful for the trust placed in us by the developer and lender,” he added. “This outcome is a testament to our firm’s collaborative platform and the power of persistence.”
Greysteel is a premier commercial real estate investment sales and debt and structured finance advisory firm. For more information, visit www.greysteel.com.
