Diamondback Investment Group (“Diamondback”), a North Carolina-based land acquisition and development company, today announced it has secured a $24 million construction loan to support the horizontal development of two master-planned single-family housing communities in Greensboro, North Carolina. The two communities, Gardenia Walk and Vandalia Crossing, total a combined 221 acres and 1,044 lots.
Mavik Capital Management (“Mavik”), a multi-strategy investment firm with a flexible strategy focused on U.S. commercial real estate credit, provided a $24 million first mortgage loan to support the development project.
“Greensboro is the next major growth area for housing starts in the state due to the influx of new, high-paying manufacturing jobs in the area. As a result, the proximity of both Gardenia Walk and Vandalia Crossing to several of the largest local manufacturing plants makes them incredibly well-positioned to benefit from the new construction demand,” said Zach Tran, Founder and Managing Member, Diamondback Investment Group. “Mavik has been the ideal partner for Diamondback on this project because the team not only has a deep understanding of the development process, but they were also able to pick the deal up quickly and provide speed and certainty of execution. We look forward to continuing to build upon our relationship.”
“Greensboro is rapidly growing as one of the country’s top advanced manufacturing hubs, which creates a compelling opportunity for experienced local developers like Diamondback,” said Dan Cooperman, Director of Investments at Mavik Capital Management. “We are pleased to be partnering with Diamondback as they develop Gardenia Walk and Vandalia Crossing at a time when high barriers to entry for new construction projects in the market are only making the residential housing market more competitive, evidenced by the number of homebuilders that have expressed interest in acquiring the finished lots.”
Gardenia Walk is a 109-acre parcel fully entitled for 607 lots and Vandalia Crossing is a 112-acre site parcel fully entitled for 437 non-restricted lots. Both properties are conveniently located less than 20 miles away from several of the largest electronic vehicle and advanced manufacturing plants in the Greensboro metro area – including Toyota, VinFast, Boom Supersonic and Wolfspeed. Over the next five years, these four facilities are expected to bring approximately 15,000 new advanced manufacturing jobs to the Greensboro metro area.
The development of Gardenia Walk and Vandalia Crossing further builds on Diamondback’s track record of investing in similar new development projects across North Carolina. Most recently, Diamondback delivered 297 garden-style units in Huntersville, North Carolina, within the Charlotte metro area. Diamondback’s portfolio of active and completed projects spans more than 12 properties across North Carolina.
About Diamondback Investment Group
Diamondback Investment Group, LLC is a land acquisition and development company based in Greensboro, NC. Formed in 2016, the Diamondback team has collectively transacted on over one billion dollars in real estate with the core mission of creating, building, and managing a world-class diversified portfolio. Diamondback Investment Group identifies and skillfully executes the acquisition of properties based on the demands of a given marketplace that meet or exceed the investment parameters of institutional and private capital partners.
For more information about Diamondback Investment Group, please visit www.diamondbackinvestmentgroup.com
About Mavik Capital Management
Mavik Capital Management is a multi-strategy, credit focused investment firm with a focus on U.S. commercial real estate credit and special situations investments. Mavik pursues a flexible investment strategy across markets and securities that seeks to create solutions for borrowers with attractive real estate assets.
