Senators

Lewes, DE

Project:Senators (Lewes, DE)

Size:229 single family lots

JLAM spotted the opportunity to create a premium housing community in a prime, picturesque coastal location with lacklustre competition. The team structured the transaction with no debt financing, secured the homebuilder we knew could deliver a quality product that would outshine rival communities, and managed all components of the development process.

What made it special:

Highly desirable location, ½ mile from the beach, State Park and Downtown Lewes.
Proximity to natural amenities, including ponds, preserved woodlands and the
Junction Breakwater Trail Network.

How we added value:

Launched as the first new greenfield development in the market following the
Global Financial Crisis.
De-risked the investment by structuring a phased land purchase with the seller,
capitalizing the project without the use of debt, and securing a significant deposit
from the homebuilder.
Achieved structured upside in the lot sale agreement through participation in lot
premiums and finished home price appreciation over the life of the project.
Programmed a market leading amenity complex with clubhouse, tiki bar, and
resort-style pool.

Result:

Exited, with all lots sold in 2016, less than four years after the commencement of
the project.