Key facts
- Harvest Capital and TPG Credit closed a $600 million recapitalization and expansion facility for Metro Development Group.
- The deal recapitalizes 10 master-planned communities in Florida.
- The facility will support Metro Development Group's expansion into the Southeast.
- The Harvest Capital-TPG Credit platform has exceeded $2.1 billion in commitments since late 2021.
- The partnership has financed over 120 projects and 45,000 residential lots.
Harvest Capital, in partnership with TPG Credit, has finalized a $600 million recapitalization and expansion facility for Metro Development Group, a prominent master-planned community developer. The transaction, completed at the end of the first quarter of 2026, will recapitalize a portfolio of 10 existing communities in Florida and provide capital for Metro's strategic expansion into other Southeast markets.
This significant deal underscores the growing role of nonbank capital providers in land and lot financing, as traditional banks have tightened lending standards. The Harvest Capital-TPG Credit platform has now surpassed $2.1 billion in acquisition and development commitments since its launch in late 2021, supporting over 120 projects and more than 45,000 residential lots nationwide.
Danny Sparks, CEO of Harvest Capital, highlighted the strength of their relationship with TPG and the trust earned from market participants. John Ryan, CEO of Metro Development Group, stated that the flexible and scaled capital solution allows the company to focus on creating high-quality communities and pursue growth opportunities. TPG's TJ Durkin emphasized the firm's commitment to supporting the residential sector's role in addressing housing supply needs.
The facility is designed to help Metro Development Group accelerate development in high-demand markets with constrained single-family inventory, while managing balance sheet and execution risks. This transaction signals continued investor interest in scaled land and development opportunities in population-growth markets, despite affordability and interest rate challenges in the for-sale housing sector.