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The developer of a planned 2,700-home master-planned community in fast-growing Forney has nabbed $45 million in financing. The developer, Tellus Group, is also behind the popular Windsong Ranch lagoon community in Prosper and other amenity-rich developments.

Tellus Group has secured $45 million in construction financing to build Meraki, a 2,700-home master-planned community in Forney, Texas, a suburb just east of Dallas.

Forney, 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 Forney, Texas, a suburb of Dallas in northwest Kaufman County 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 the 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.

A developer has secured financing for a 2,700-home development east of Dallas, another in a line of projects designed to accommodate the area’s growth and help ease Texas’ housing shortage.

Tellus Group is planning the 1,079-acre Meraki 6 miles north of Highway 80 in Forney, Texas, according to the company. Houston-based First Continental provided a $45 million loan, the largest in its 30-year history, according to the company.

The Dallas metropolitan area, with a population of 8.1 million, is the fastest-growing region in the nation, adding more than 152,000 residents between 2022 and 2023, according to the latest figures from the U.S. Census.

Tellus and other builders are acquiring thousands of acres across Texas for new homes to fulfill demand. In a joint statement, First Continental and Tellus cited a report last summer by the Texas comptroller’s office that blamed underinvestment in housing for leaving the Lone Star State short more than 300,000 homes in recent years.

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The first Meraki homes should be ready by the fourth quarter, with full buildout expected in 2035, according to Andre Ferrari, Tellus’ chief operating officer.

Homebuilders in the 406-lot first phase are Bloomfield Homes, Highland Homes, American Legend Homes, Perry Homes and Shaddock Homes, Tellus noted. The three- to six-bedroom single-family homes will range in size from 1,250 to more than 5,000 square feet. Townhouses are planned for future phases.

Commuters benefit

Forney is about 20 miles outside Dallas. Prices have not yet been announced but Meraki homes will provide commuters with cheaper alternatives to ultra-expensive areas in and close to downtown Dallas, Ferrari said in an interview.

“We targeted this specifically, both because of the growth in the area and also because of the land features of this particular property,” he said.

Aside from the homes, the project will allow for 300 acres of trails and other open spaces, along with an elementary school and so-called amenity centers, according to Tellus.

Besides Meraki, Plano, Texas-based Tellus’ other Dallas-area projects include 3,200 lots at Windsong Ranch in the city of Prosper and 1,700 lots at Mosaic in the city of Celina. The company also is due to break ground on the 3,000-home Sherley Farms in Anna, Texas.

With a population of more than 35,400, Forney is the nation’s 10th-fastest-growing city among municipalities with at least 20,000 residents, Census figures show. Celina is the fastest-growing city with a population of more than 43,000. Anna is ranked fourth at 27,501 and Prosper ninth at 41,660.

Ferrari explained that his firm’s land strategy is tied to the burgeoning Texas towns.

“It’s always a very important factor, being where the growth is headed,” he said.