First Continental, a residential lot acquisition and development financing company, has closed on a $3.77 million loan for Birmingham-based JLM Capital Partners to finance a new subdivision in Baldwin County.
Summerfield, located on 66 acres between Greenwood and Hoffman roads in Summerdale, will feature 130 homes, ranging from 1,500-2,500 square feet, with prices starting in the mid to high $200,000s. Phase one of the project will consist of 66 homes slated for completion in fall 2025, with the remaining 64 lots expected to be delivered by fall 2026. This is JLM Capital Partners’ first project in Baldwin County.
JLM Capital Partners is a land bank, identifying high-potential home builders and properties in developing metropolitan areas across the South.
“With the current state of the market, it can be challenging to source capital for housing developments,” said Levi Mixon, president and founder of JLM Capital Partners. “The team at First Continental expedites this process and allows companies like JLM Capital Partners to build in communities where housing is in high demand, like Summerdale in Baldwin County, which has been recognized as one of the fastest-growing metro areas in the country.”
