Hillwood, the Dallas real estate company founded by businessman Ross Perot, has purchased the debt on five residential communities in Texas and Georgia.
The $38 million in loans are on more than 800 home lots, two golf courses and 4,000 acres being developed by Florida developer Bluegreen Communities.
Bluegreen has North Texas projects in Cedar Hill, Gunter in Grayson County and near Weatherford west of Fort Worth.
It also has communities in San Antonio, Austin, Houston and College Station.
“Hillwood is actively pursuing acquisitions of residential loans throughout the country,” Hillwood Residential president Fred Balda said in a statement. “The purchase of these loans is a natural extension of our core business.”
Hillwood Residential is one of the largest home community developers in Texas. It has more than 30 residential projects in the U.S. and has sold more than 20,000 home lots since 1988.