Residential land entitlement and development can include (i) the negotiation of development agreements with municipalities, (ii) land, utility and parks planning, (iii) joint development and infrastructure funding agreements with builders, (iv) municipal and bond financing mechanisms, and (v) installing horizontal infrastructure for the project.
Crescent Bay owns or controls real estate approaching $100 million in value, all in some stage of the entitlement or re-entitlement process.
Land Entitlement / Development
Lot-banking was created during the late 1980s as a result of the lack of credit available to homebuilders in the wake of the collapse of the banking and savings and loan industries. The business has since evolved into the prevalent method of "off balance sheet" financing for many homebuilders.
Crescent Bay, on behalf of its homebuilder clients, will acquire, improve and sell (on a rolling option) finished residential lots to homebuilders at predetermined prices on a predetermined, minimum cumulative schedule.
Crescent Bay recently completed its first round of fundraising for lot-banking this cycle, which will be valued at $35 million when fully depoloyed. Since 1999, principals of Crescent Bay have completed 47 lot banking transactions, totaling $500 million of total capitalization.