Builder Capital and 400 Capital Management Close $400mm Land Banking Arrangement with Dream Finders Homes
29 Maggio 2024 - 3:41PM
Business Wire
Builder Capital (“Builder Capital”) and 400 Capital Management
LLC (“400CM”) announced today the closing of a land banking
arrangement with Dream Finders Homes (NYSE: DFH), acquiring over
4,000 residential home sites in Charleston, SC, Greenville, SC, and
Nashville, TN. The $412mm 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 acquired home sites, spanning over 25 active selling
communities, will ultimately serve entry-level, as well as first
and second time move-up homebuyers with finished home price points
starting in the low-$300,000s.
“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. “This transaction
shows our ability to meet the needs of our homebuilder partners, in
this case a repeat customer.”
“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 400CM. “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.”
“The housing market is competitive and having strong partners
allows us to be nimble and make better strategic decisions,” said
Patrick Zalupski, CEO and Founder of Dream Finders Homes. “This
transaction is a reflection of the strength of our partnerships and
we look forward to exploring future opportunities together.”
About Builder Capital
Builder Capital was formed in 2017. Builder Capital’s mission is
to provide capital for finished lot inventory to production
homebuilders. The Builder Capital team has established
relationships with production homebuilders throughout the U.S. and
over the last 25 years has provided over $1.7 billion in funding
for the acquisition and development of more than 30,000 residential
lots across 275 projects.
About 400 Capital Management LLC
Founded in 2008, 400CM is an alternative credit asset manager
led by a management team with over three decades of experience
investing and trading in credit markets. The Firm is an
established, process-oriented platform with a demonstrated ability
to consistently generate competitive returns, develop capital
markets businesses and create innovative solutions utilized
throughout the market. The Firm offers investors a global platform
that accesses differentiated credit investment opportunities
through total and absolute return strategies in flagship funds and
customized portfolio solutions. The team consists of 65
professionals across offices in New York and London, who
collectively manage $6.4 billion for global institutional
investors. To learn more about 400 Capital Management, please visit
www.400capital.com.
About Dream Finders Homes
Dream Finders Homes (NYSE: DFH) is a homebuilder based in
Jacksonville, FL. Dream Finders Homes builds single-family homes
throughout the Southeast, Mid-Atlantic and Midwest, including
Florida, Texas, Tennessee, North Carolina, South Carolina, Georgia,
Colorado, and the Washington, D.C. metropolitan area, which
comprises Northern Virginia and Maryland. Through its financial
services joint ventures, DFH also provides mortgage financing and
title services to homebuyers. Dream Finders Homes achieves its
industry-leading growth and returns by maintaining an asset-light
homebuilding model. For more information, please visit
www.dreamfindershomes.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240529391384/en/
Media Prosek Partners Ben
Howard (914) 552-4281 bhoward@prosek.com
Investors 400 Capital
Management Meghan Munchoff (212) 312-3101
meghan.munchoff@400capital.com
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