$45.7M Revolving A&D Loan Request – 966 Lot SFH Development Project in Dade City, Florida
Concord Summit Capital and Keen-Summit Capital Partners, jointly, have been exclusively engaged by Quill Developments (“Sponsor”), to a obtain $45.7 million revolving acquisition & development loan for Rolling Hills (“Project”), a 248-acre, 966-lot single family home land development project in Dade City, Florida.
Deal Highlights:
Project Status
Phase 1 of the Project is shovel-ready, and the Sponsor has obtained LOIs from four homebuilders sufficient to take down all Phase 1 lots. Sponsor expects one or more of these builders to expand their commitment to Phases 2 & 3.
Location
Rolling Hills is in Dade City, Florida, a small historic town in Pasco County, just north of Tampa, Pasco County and Dade City are among Florida’s fastest-growing regions, with population and business expansion accelerating rapidly. Hundreds of active development projects are transforming the area into a thriving economic hub. Strategic infrastructure upgrades and a pro-business climate make this region a prime opportunity for commercial, industrial, and residential growth.
Sponsorship:
The Sponsor is a Tampa based real estate development company that focuses on single-family, multi-family, and office park projects across the state of Florida. Its executives have been in the Tampa market for over 25 years delivering several thousand entitled and developed lots across western Florida.
Three Phases
Status: Shovel Ready
Net Sellout: $121.5M
Project Cost: $92.3M
Total Profit: $28.2M
Loan Request: $45.7M
Loan-to-Value: 37%
