- What Terra Firma Capital has invested US$70m in land banking investments
- Why The deals are part of firm’s strategy to expand its land banking program
- What next Firm aims to launch its third fund next month
Terra Firma Capital has invested nearly US$70m ($94m) into six land banking deals in the U.S.
The Toronto-based firm has acquired land in Arizona, Texas, Washington D.C., Tennessee and South Carolina. The counterparts in the deals are top-20 homebuilders.
Terra Firma plans to launch a third investor fund in the coming month. Three of the land deals, currently being warehoused, will represent that vehicle’s initial investments.
“In advance of raising our new Fund, Terra Firma is stepping up its origination efforts both with its existing clients as well as establishing new relationships with residential land developers,” said president and CEO Seth Greenspan.
TFCC Debt Fund I and TFCC Senior Fund II are fully invested and returning capital.
The firm focuses on land banking, land acquisition and development loans in 10 markets primarily in the Sun Belt. Transactions range from US$5m to US$30m.
Terra Firma also closed on two investments in the U.S. senior housing market.
