Founded in 2009 by CEO Andy Allen, Corner Lot is a privately-owned real estate and development firm headquartered in Jacksonville, Florida. With over $2 billion in real estate developed since their creation, Corner Lot’s development portfolio spans 4,000+ multifamily units, 7,000+ single-family homes, 270,000+ square feet of commercial space, and nearly 300 hotel rooms.1
In 2017, Allen partnered with now-Chief Operating Officer George Leone to co-found Corner Lot Development Group (CLDG), a subsidiary dedicated to the horizontal and vertical development of affordably-priced homes in the Jacksonville area.
An early partnership with a local developer
DLP Capital was one of CLDG’s earliest capital partners. “We made our first loan to Corner Lot Development Group more than seven years ago,” says Nick Lanni, DLP Capital’s Managing Director of Lending. “What stood out to us immediately was the sponsor’s dedication to community building and placemaking. Their focus on attainable housing and historical preservation spoke to their mission to make Jacksonville both an affordable and attractive place to live.”
CLDG and DLP’s early engagement quickly blossomed, and CLDG has since become a repeat borrower and a joint venture partner.
“When we began our lender-borrower relationship with CLDG, we were originating secured loans at the bottom of the capital stack,” explains Lanni. “As we grew comfortable with their track record, we moved up the capital stack over time, eventually becoming equity partners with them on several deals.”
From borrower to equity partner
Today, CLDG is both a borrower and a joint venture (JV) partner with DLP Capital. CLDG currently has eight loans or investments outstanding with the sponsor. Highlights include more than $25 million in combined build-to-sell bridge and revolving loans for phases III and IV of Darby, a four-phase single-family community located roughly 12 miles northwest of downtown Jacksonville.
Other transactions include a $2.4 million loan for a 32-townhome development, as well as a $5.5 million revolving construction facility to support the development of Johnson Commons, a 37-unit townhome community in Downtown Jacksonville’s historic LaVilla neighborhood, which was a stop on our recent Investment Tour. CLDG will undertake these projects with Breeze Homes, its Jacksonville-based homebuilding subsidiary that focuses on cost-effective housing.
“The development work that CLDG does is strongly aligned with DLP Capital’s mission to finance the building of Thriving Communities for America’s working families,” says Lanni. “We’re proud to be partners with a fellow Jacksonville developer whose projects are bringing attainable living experiences to one of the Sunbelt’s most dynamic metro areas.”
A builder—and a citizen
CLDG demonstrates its commitment to the Jacksonville community in a multitude of ways. Beyond its role as an attainable developer, CLDG is an engaged corporate citizen.
“CLDG supports many of the same local faith- and family-focused causes that we do,” says Lanni. “They’re a longtime corporate sponsor for the Boys & Girls Club of Northeast Florida, an organization that we’ve had the privilege of supporting through the DLP Positive Returns Foundation (PRF).”2
These strong community ties speak to CLDG’s focus on community-minded development.
“They’re a long-term-oriented sponsor that cares about keeping Jacksonville a place people are proud to call home,” Lanni explains. That same long-term approach is exemplified in CLDG’s enduring and evolving relationship with DLP Capital. It’s also a testament to their quality as a borrower and equity partner.
“CLDG’s partnership with us is a quintessential example of what a relationship with DLP can grow into,” Lanni continues. “We’re excited to continue to work with CLDG to create attainable living experiences for Jacksonvillians.”