Dream Finders Homes announced that it has acquired the core homebuilding assets of privately held homebuilder Crescent Ventures. This acquisition will enhance Dream Finders’ geographic footprint and allow Dream Finders to expand into Charleston and Greenville, South Carolina, and Nashville, Tennessee markets. The assets acquired include 457 homesites in varying stages of construction, a sales order backlog of approximately 460 homes with a value over $265 million, and about 6,200 lots under control.
Crescent Homes was launched in 2009 by Ted Terry and builds single-family homes in the South Carolina markets of Charleston and Greenville and Nashville, Tennessee. And since being founded, Crescent has closed approximately 5,000 homes. Crescent serves entry-level, first- and second-time move-up homebuyers with price points starting in the low-$300,000s and has over 25 active selling communities.
DFH funded the transaction with cash on hand and borrowings under its existing senior unsecured revolving credit facility. And simultaneously with the acquisition closing, DFH paid off Crescent’s vertical lines of credit associated with the assets acquired.
KEY QUOTES:
“We are excited about this acquisition and our partnership with Crescent’s founder and CEO, Ted Terry, and the Crescent Homes team. We are impressed by Ted’s vision and his ability to deliver high-quality homes with exemplary craftsmanship over the past 15 years, growing from their headquarters in Charleston to the equally desirable housing markets of Greenville and Nashville. Our access to capital and efficient operations will enable Crescent to grow faster and achieve significant scale in each market. This transaction enhances our geographic reach and strategically diversifies our operations into three new metropolitan areas. We are looking forward to welcoming the Crescent team to the Dream Finders family!”
– Patrick Zalupski, Dream Finders’ Chairman and CEO
“Our partnership with Dream Finders Homes will allow the Crescent Homes Team to build upon an already successful track record and provide us with a tremendous platform for growth. I am truly excited to join forces with a team who is so closely aligned with our core values, operating philosophy and commitment to professional growth and development. With Dream Finders’ access to the public capital markets, diverse operational expertise, and history of successful homebuilder integration, we are confident that we will be able to achieve superior operational performance and take the company to new heights.”
– Ted Terry, Crescent Homes’ Founder and CEO
