$35.7M

DLP Capital Finances Waterway Master-Planned Community in Southport, NC

DLP Capital is providing a $35.7 million senior loan to East West Partners to support the acquisition and development of Waterway, a transformative new master-planned mixed-use development in the rapidly growing city of Southport, North Carolina.

A Prime Coastal Location

Waterway is situated on more than 300 developable acres in Southport, a coastal city located roughly 30 miles south of downtown Wilmington. Incorporating both convenience and natural amenities, the community will feature direct access to regional employment hubs, medical centers, and recreational destinations. Residents will enjoy proximity to downtown Southport’s waterfront, marinas, and retail corridors, while remaining just a short drive from Wilmington and the broader Cape Fear region.

About the Wilmington Metropolitan Area and Brunswick County

The Wilmington MSA is one of North Carolina’s fastest-growing regions. Home to over 500,000 residents in 2024, the metro area adds approximately 12,000 new residents each year.¹

With a median household income nearing $64,000, median home values exceeding $350,000, and median gross rents above $1,300,² tailwinds for both for-sale and rental housing are strong.

Multifamily fundamentals are also favorable, with strong net absorption and a declining construction pipeline creating opportunities for new residential supply. Brunswick County, recently ranked among the top 50 counties in the country to retire in,³ has a senior population of over 33%, more than double the national average.⁴ Retiree-friendly amenities, such as golf courses, walking trails, healthcare facilities, and coastal activities, are drawing seniors in from across North Carolina and the rest of the country.

Thanks to these amenities—along with its affordability and mild climate—the coastal county is now the state’s fastest-growing destination, more than doubling in size from 84,000 to 169,000 residents in the two decades between 2004 and 2024.⁵

About Waterway

The master-planned Waterway at Southport is designed for a diverse mix of residential and commercial uses. It will feature:

• 475 single-family detached homes
• 92 duplexes
• 142 townhomes
• Multifamily and condominium superpads
• 100,000+ square feet of medical and retail space
• A 16.91-acre site, earmarked for an assisted living and memory care center
• 78 marina boat slips for condo owners

Phase I will consist of 260 finished single-family lots along with superpads for multifamily, condominiums, and assisted living accommodations. By combining attainable housing with lifestyle amenities, retail space, and waterfront access, Waterway promises to be a vibrant, connected community for residents at every stage of life.

About East West Partners

The project is led by East West Partners, a Chapel Hill, NC-based development firm founded in 1986.

The firm has over four decades of real estate development experience in North Carolina markets and specializes in master-planned communities that integrate residential, retail, and recreational elements. The firm’s focus on long-term planning, sustainability, and alignment with community needs positions it to create value for both residents and investors.

Transaction Snapshot

• Loan Amount: $35.7 million senior acquisition and development loan
• Location: Southport, North Carolina (Wilmington MSA)
• Collateral: ~300 developable acres within a two-phase, 367-acre master-planned community
• Phase I Delivery: 260 single-family lots, multifamily/condo superpads, and a senior living community site
• Sponsor: East West Partners, an experienced North Carolina-based master-planned community developer