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Active-selling Charleston homesites part of $412M acquisition deal

Jason Thomas //May 29, 2024//

Builder Capital and 400 Capital Management LLC have closed on a land banking arrangement with Dream Finders Homes, acquiring over 4,000 residential home sites in Charleston, Greenville and Nashville. (Photo/DepositPhotos)

Builder Capital and 400 Capital Management LLC have closed on a land banking arrangement with Dream Finders Homes, acquiring over 4,000 residential home sites in Charleston, Greenville and Nashville. (Photo/DepositPhotos)

Builder Capital and 400 Capital Management LLC have closed on a land banking arrangement with Dream Finders Homes, acquiring over 4,000 residential home sites in Charleston, Greenville and Nashville. (Photo/DepositPhotos)

Builder Capital and 400 Capital Management LLC have closed on a land banking arrangement with Dream Finders Homes, acquiring over 4,000 residential home sites in Charleston, Greenville and Nashville. (Photo/DepositPhotos)

Active-selling Charleston homesites part of $412M acquisition deal

Jason Thomas //May 29, 2024//

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Builder Capital and 400 Capital Management LLC have closed on a land banking arrangement with Dream Finders Homes, acquiring over 4,000 residential home sites in Charleston, Greenville and Nashville, according to a news release.

The $412 million transaction occurred in connection with DFH’s acquisition of the core homebuilding assets of Cresent Homes and will enhance DFH’s ability to deliver affordable housing products to these supply-constrained markets, the release stated.

“We are pleased to execute this transaction and acquire a great portfolio of home sites at significant scale,” said Bill Southworth, managing partner at Builder Capital, in the release. “This transaction shows our ability to meet the needs of our homebuilder partners, in this case a repeat customer.”

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The acquired home sites, spanning over 25 active selling communities, will serve entry-level, as well as first and second time move-up homebuyers with finished home price points starting in the low-$300,000s, according to the release.

“With the closing of this transaction, our strategic partnership with Builder Capital has grown to over 11,250 lots of inventory and over $1.4 billion of total project cost,” said Chris Schiavone, head of private credit strategies at 400 Capital Management, in the release. “Builder Capital and 400 Capital have positioned themselves as leading providers of acquisition and development capital solutions to the residential housing market as evidenced by this large and important transaction.”

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