Hutto 90

Project Description

The Sponsor is under contract to acquire an 89.9-acre site in the fast-growing city of Hutto located 30 minutes northeast of Downtown Austin, TX. They plan to develop a 1,128-unit master planned community featuring single family homes, townhomes, and multifamily. The Sponsor has a forward sale agreement with PulteGroup to deliver 138 single-family residential lots across 28.7 acres of the total site by December. PulteGroup will pay $120,000 per lot ($16.6 Million in total) and put down a $2 Million deposit prior to loan closing. The Sponsor has contributed $2.3 Million of cash equity to date and will bring the balance equity at loan closing. The Property is located along the thriving US 79 “Silicon Fields” tech corridor and is 5 minutes from the 1,400-acre Hutto Megasite, 10 minutes from Samsung’s $17 Billion semiconductor facility, and 25 minutes from the Tesla Gigafactory. They are seeking a land lender to acquire the site and complete the horizontal infrastructure.

Details

• Sponsor: DevMar Partners
• Address:
• Total SF: 0
• Acreage: 90.00

Project Milestones