Millrose Properties, a Miami-based homesite financing and development platform, has announced plans to offer up to $1 billion in senior notes across two separate tranches. The proposed private offering consists of $500 million in senior notes due 2029 and $500 million in senior notes due 2031. The company intends to use the proceeds, together with $500 million from its delayed draw term loan facility, for general corporate purposes, potential homesite acquisitions, and debt repayment.
A portion of the proceeds could support the acquisition of homesites associated with the proposed merger between Dream Finders Homes and Beazer Homes.
The transaction would allow Millrose to expand its land acquisition and financing activities while supporting additional homebuilding development.
Millrose also intends to use proceeds to reduce borrowings under its revolving credit facility, which had $850 million in outstanding principal as of September 21, 2026.
The financing structure includes a special mandatory redemption provision tied to the completion of the Dream Finders transaction.
If the merger is not completed by May 13, 2027, Millrose will use a portion of the offering proceeds, together with available cash or additional revolving credit borrowings, to redeem $500 million of the notes due 2031.
The proposed offering is subject to market conditions and will be available to eligible institutional investors under Rule 144A and certain non-U.S. investors under Regulation S.
Millrose operates a homesite option platform that provides residential homebuilders with financing for acquiring and developing land.
The company specializes in purchasing and preparing residential homesites, enabling builders to secure land for future construction without carrying the full cost of development on their balance sheets.
Its operating model is designed to provide homebuilders with predictable access to finished homesites while supporting more efficient capital allocation and construction planning.
Millrose also uses proprietary technology and real-time data analytics to evaluate potential land acquisitions and guide investment decisions.
The proposed financing is intended to provide additional liquidity as the company pursues homesite acquisitions and supports its existing homebuilder relationships.
