DLP Capital Funds $4.2 Million Loan for Parental Home Road Development
DLP Capital is proud to announce the origination of a $4.2 million new construction revolving line of credit (RLOC) to Breeze Homes, the building arm of Corner Lot Development Group (CLDG). This commitment will fund the vertical construction of a 32-unit, for-sale townhome community at the Parental Home Road development, located southwest of downtown Jacksonville, Florida.
DLP Capital’s partnership with Breeze Homes exemplifies the firm’s commitment to backing experienced developers who are focused on bringing attainable housing to thriving regional markets.
Bringing new townhomes to the growing Jacksonville market
Situated on 8.76 acres in Jacksonville’s fast-growing 32216 ZIP code, this new development will yield 32 buildable lots for townhome units intended for sale. These planned residences will feature an average unit size of 1,482 square feet.
Breeze Homes’ Parental Home Road project sits within the Jacksonville metropolitan area, a dynamic urban center in North Florida, home to over 1 million residents and known for its strong economic fundamentals and consistent demand for residential housing.1 The market’s abundance of well-paying jobs and its attractive cost of living relative to other Florida metros make it a prime destination for new, for-sale townhome communities that cater to modern families and working professionals alike.
Prudent financing for phased construction
Extended through the DLP Lending Fund, DLP Capital’s RLOC to Breeze Homes will support the sponsor through the full development and construction lifecycle.
Breeze Homes will use the revolving facility to refinance and retire its nearly $970,000 acquisition and development loan on the property, which DLP Capital previously extended. The sponsor will then use the remaining loan proceeds to fund the vertical construction of the 32 townhomes.
DLP Capital expects the sponsor will draw up to $3.3 million of the $4.2 million revolving loan before the loan is paid down through townhome sales. The loan has a 24-month term with two six-month extension options.
Based on the project’s capitalized budget of $4,945,119 and an estimated as-complete value of $9.5 million, the RLOC was extended at an 84.93% Loan-to-Cost (LTC) ratio and a 44.21% Loan-to-Value (LTV) ratio. To protect the investment and the DLP Lending Fund’s limited partners, the loan is secured by a first-lien mortgage with a full-recourse guaranty.
About Breeze Homes and Corner Lot Development Group
Breeze Homes is the homebuilding arm of Corner Lot Development Group (CLDG), a premier, privately owned real estate firm based in Northeast Florida. With over 15 years of experience in single-family, multifamily, and commercial development, the firm has established a strong reputation for transforming undeveloped land into vibrant, livable spaces.2
The developer’s local market expertise and experience in phased construction projects make it an ideal sponsor for the Parental Home Road project. Breeze Homes and CLDG’s values-driven operating philosophy, reputation as placemakers, commitment to philanthropy, and deep roots in Jacksonville—a city both firms call home—align strongly with DLP Capital’s mission to finance the building of attainable Thriving Communities for America’s working families.