Austin

Hutto 90

$40M

Land acquisition

Single family development

Posted by

Nathan Koons

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

Sources & Uses

Sources	Amount	% Total	$ per SF	$ per Lot
Land & Infrastructure Loan	$26,304,655	70%	$6.7	$190,613
Common Equity	$11,273,424	30%	$2.9	$81,691
Total Sources	$37,578,079	100%	$9.6	$272,305

Uses	Amount	% Total	$ per SF	$ per Lot
Acquisition Cost	$25,716,990	72%	$6.9	$196,734
Infrastructure Cost	$7,428,825	20%	$1.9	$53,832
Interest Reserve	$2,000,000	5%	$0.5	$14,493
Financing & Closing Cost	$1,000,000	3%	$0.3	$7,246
Total Uses	$37,578,079	100%	$9.6	$272,305