Crestline Investors, Everest Financial Services Close $30M Facility for Randolph Texas Development's Leander Community

Crestline Investors and Everest Financial Services have closed a $30.0 million senior secured revolving credit facility to a joint venture sponsored by Randolph Texas Development, the firms announced Nov. 3. The facility will finance the first phase of horizontal development and infrastructure for Hero Way, a 584-acre master-planned residential community in Leander, Texas, within a half-hour of downtown Austin.

Randolph Texas Development (RTX) is a Central Texas-based land acquisition, entitlement and development firm. Crestline Management, L.P., the Fort Worth, Texas-based manager that operates under the Crestline Investors name, and Everest Financial Services announced the closing jointly.

Hero Way Community: Large-Format Lots in Leander

The Hero Way community is expected to consist of large-format lots. The first phase calls for 75 one-acre lots, and the second phase calls for 218 half-acre lots, for a total of 293 planned lots. All 75 first-phase lots are under contract with homebuilders.

The 584-acre site works out to roughly 1.99 gross acres per planned lot before roads, utilities, open space and other nonresidential uses are accounted for. The $30 million facility equates to approximately $51,370 per gross acre of the project.

Lender and Sponsor Comments

"Large-lot single-family homesites are in short supply around Austin. RTX's utility infrastructure, entitlement, and horizontal development work, combined with a fully contracted first phase, gave us strong conviction in this opportunity," said Wes Davidson, Director at Crestline.

"Hero Way is exactly the type of opportunity we are focused on financing, with an experienced developer, a well-conceived business plan, and strong homebuilder demand," said Ryan O’Donovan, Principal at Everest Financial Services.

"Crestline and Everest understood our business plan and structured a facility that fits our development timeline, which made them the right partner as we bring these lots to market," said Randy Rollo, President of Randolph Texas Development.

Revolving Structure and Lender Profiles

A revolving structure suits a phased subdivision because the borrower can draw capital as infrastructure work progresses rather than borrowing the full commitment up front. The principal credit features of the Hero Way financing include a secured interest in the development assets, a defined first-phase infrastructure program, builder contracts covering all 75 initial lots and a sponsor with local Central Texas development experience.

Crestline was founded in 1997 and is a global alternative investment management firm based in Fort Worth, with affiliate offices in London, New York, Tokyo and Toronto. The firm reported approximately $18 billion of credit assets under management as of June 30, 2026, across its capital solutions, direct lending and portfolio finance platforms. Crestline operates as part of Rithm Capital Corp. (NYSE: RITM).

Everest Financial Services is the private credit platform of Everest Holdings. It provides customized debt financing to real estate investors and developers nationwide, specializing in flexible structures for land acquisition and development, construction and transitional real estate assets.

Randolph Texas Development describes itself as a family-owned developer rooted in Central Texas that works with landowners, municipalities, builders and capital partners.

Leander and Austin-Area Market Context

Leander has been one of the Austin area's faster-growing suburban markets, with population growth of 53.8% since 2020, compared with 58.5% for Georgetown. Developers have extended city limits and utility infrastructure north and west of Leander's historic core, opening thousands of acres for residential development.

Housing prices in the area vary widely. Median sale prices in Leander were around $415,000 in the first quarter of 2026, while acreage and higher-end master-planned communities can exceed $1 million. Another estimate put the broader 2026 Leander market-value range at roughly $465,503, down 2.85% year over year. Leander's single-family market has become more balanced, with approximately 1.8 to six months of supply depending on the data set and month, and builders are using incentives such as mortgage-rate buydowns and design-center credits to support sales.

Other projects in the area include Northline, a roughly 116-acre mixed-use district between U.S. 183 and the 183A tollway with an announced investment of approximately $1 billion, and Leander Tech Park, a planned 50-acre, approximately 270,000-square-foot project at State Highway 29 and Kauffman Loop. Wildspring, a Leander community about 27 miles northwest of downtown Austin, lists home prices from approximately $545,995 to $939,995, and Toll Brothers' Woodland Estates targets the $1 million-plus segment.

Austin's broader real estate markets are also recovering from a major supply cycle. Austin multifamily rents began recovering in the second quarter of 2026 after roughly three years of declines, with quarterly absorption reaching a new high and deliveries falling sharply from the 2024-2025 peak. A recent $117.3 million refinancing of three Class A communities totaling 960 units and approximately 922,623 rentable square feet across the Austin and Dallas-Fort Worth markets involved floating-rate, interest-only loans.

Outlook for Hero Way

Projects that compete in Leander's large-lot segment face considerations including delivery timing, utility capacity, school access, amenities and builder relationships. Construction-cost escalation, utility and entitlement delays, builder concentration, the pace of absorption for large-format homes and the effect of mortgage rates and buyer incentives on lot pricing are among the factors that can affect development outcomes. The fully contracted first phase and the phased delivery of lots are intended to align capital deployment with lot sales and builder takeouts at Hero Way.

Sources

Crestline Investors: Crestline and Everest Financial Services Close $30.0mm Senior Secured Revolving Credit Facility to Randolph Texas Development