McLendon-Chisholm, TX – A new 2,700 home master community is now funded off FM 548 North of Hwy 80. First Continental, a Houston-based lending company that specializes in residential lot acquisition and development financing, announces the closing of a $45 million loan for Tellus Group, a real estate investment firm focused on master-planned communities and mixed-use land development.
The loan will fund Tellus Group’s forthcoming master-planned community, Meraki, a 1,079-acre tract in McLendon-Chisholm, Texas, near Forney and conveniently located six miles north of Highway 80. The multi-phase project will comprise 2,700 homes, an on-site elementary school and several amenity centers, neighborhood parks and natural features, including over 300 acres of open space with massive lakes perfect for water recreation. The Meraki project will deliver its first phase of development in 2025, with full completion slated for 2035.
This deal marks First Continental’s largest loan ever in its 30-year history. It is the sixth project First Continental has closed through its new master-planned community fund and the first in collaboration with Tellus Group.
“We’re excited to partner with Tellus Group on this transformative master-planned community,” said Jeff Corbett, executive vice president of First Continental. “Tellus’ expertise in developing sustainable, vibrant neighborhoods aligns perfectly with our mission to support projects that drive long-term community growth. This development represents a major milestone for First Continental as our largest master-planned community loan to date, and we look forward to seeing it evolve into a thriving neighborhood.”
Texas’ population growth has outpaced homebuilding since 2020, according to the state comptroller’s office, resulting in a widespread housing shortage. Residential developers like Tellus Group are committed to fulfilling this need. In addition to Meraki, within the Dallas-Fort Worth metroplex, Tellus Group is currently completing its development of Windsong Ranch (3,200 lots), delivering lots in Mosaic (1,700 lots) and about to break ground on Sherley Farms (3,000 lots).
“At Tellus Group, we pride ourselves on developing high-quality residential communities using thoughtful land planning that will ‘wow’ families and create close-knit neighborhoods with a true sense of community,” said Craig Martin, chief executive officer of Tellus Group.
“By partnering with First Continental, we were able to secure the necessary funding for the project and have the opportunity to bring a new, innovative housing development to one of the nation’s fastest-growing cities,” added Andre Ferrari, chief operating officer of Tellus Group.
For more information, visit firstcontinental.com.
