Greysteel Secures $93 Million Construction Loan for North Carolina Master-Planned Community

Greysteel, a leading national commercial real estate and capital markets services firm, has arranged an approximately $93 million senior construction loan for horizontal infrastructure development of a large-scale master-planned residential community in Brunswick County, North Carolina. The project is positioned to deliver over 2,000 single-family lots, with five national and regional homebuilders already under contract for lot takedowns, signaling strong market demand for new residential development in the region.

The transaction was led by Greysteel Associate Landen Nix with support from Senior Director Daniel Hartnett, who collaborated with a New York-based lender to secure the financing. The complex deal involved refinancing a challenged legacy capital stack while upsizing the loan to accommodate the conversion and sale of paper lots during the development process. The final financing represents approximately 81% of the project cost, providing substantial capital for the community's infrastructure development.

Greysteel navigated a competitive lending environment by leveraging its 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 enabled the client to prioritize this time-sensitive transaction while structuring a flexible loan that met the project's evolving needs. The successful execution underscores continued lender confidence in well-structured development projects with strong sponsorship despite current market challenges.

In a capital markets environment defined by higher interest rates and increased lender selectivity, securing flexible financing for horizontal infrastructure has become increasingly important. The 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 proved instrumental in recapitalizing the project and unlocking its next development phase according to Nix, who marks his first career closing with this landmark deal.

The financing arrangement demonstrates that well-conceived residential development projects continue to attract significant capital investment, even in challenging economic conditions. For more information about Greysteel's services, visit https://www.greysteel.com. The successful completion of this transaction highlights the ongoing demand for master-planned communities in growing markets like North Carolina's Brunswick County, where residential development continues to outpace supply in many areas.