Real estate investment firm Trez Capital announced on Tuesday that it granted a loan of $24 million to Provident Realty Advisors for the development of the initial phase of a new master-planned community in Collin County. Hillstead will be a 540-acre community located between Lavon Lake and Lake Ray Hubbard, less than ten miles to the East of Wylie.
Provident Realty Advisors previously worked on several development projects in Collin County — the Stacy Green mixed-used development in Allen and ParcHAUS at Skyline, a 134-unit single-family complex in McKinney and its twin development ParcHAUS at Celina Parkway with an additional 186-unit community.
According to Trez Capital, Hillstead will house approximately 1,000 single-family homes upon completion, each with a 40 to 70 feet lot, and will provide residents with a variety of amenities focused on recreation to take advantage of the “lake life.” From a clubhouse to a community pool to hiking and biking trails to scenic lookouts and parks, residents will be able to enjoy all the perks of a summer lake house.
Located just off Highway 205, the master-planned community provides easy access to job centers via I-30 and Highway 78 and would be at the heart of Wylie’s Independent School District, providing families looking for a quieter environment a small-town feel without sacrificing access to the city life.
“The Dallas-Fort Worth area continues to be a popular area due to inbound migration and a strong economy,” said Grant Morrow, vice president of origination for Trez Capital, Central & Southwestern. “There continues to be a shortage of single-family homes with demand outpacing supply in the region, with no signs of slowing down for the next few years, so we are pleased to provide financing for this new master-planned development that will help meet the need for more single-family homes.”
The first phase lots are expected to be delivered between late spring and early summer of 2024.