Hillwood development company has bought a $38 million residential loan from a national lender in a move that shows the developer is actively using its capital to pursue strategic acquisitions.
The loan, which was previously owned by Bluegreen, is secured by five partially developed master-planned communities and two golf courses in Georgia and Texas.
“Hillwood is actively pursuing acquisitions of residential loans throughout the country,” said Fred Balda, president of Hillwood Residential. “The purchase of these loans is a natural extension of our core business. Our access to capital and our experience as a residential lot developer give us the unique ability to underwrite and close transactions in a quick and efficient manner.”
Hillwood, a Perot company, already owns more than 30 residential communities and four golf courses in the United States.