F
irst Continental, a Houston-based private lending company, has closed a $45 million deal with Tellus Group to fund Meraki, a master-planned community in Forney, east of Dallas. This is the largest loan from First Continental's master-planned community fund to date and will support the development of 2,700 homes across 1,079 acres. The project includes an on-site elementary school, several amenity centers, parks, and natural features.

    The Meraki community was initially planned as Tapestry by Tellus Group in partnership with other companies, but it did not complete as scheduled last summer. First Continental's loan will fund the first phase of Meraki, which is set to deliver 406 homes this fall, with full completion expected by 2035.

    Forney, a rapidly growing town in Northwest Kaufman County, has seen its population increase over 50% from 2020 to 2023. The area is attracting retail developers, including the construction of a large retail development, Village at Gateway, which will bring 500,000 square feet of space in its first phase.

    This deal marks First Continental's first collaboration with Tellus Group, although both companies have separately funded and developed numerous projects in the Dallas-Fort Worth metroplex. First Continental has lent tens of millions of dollars to builders around the metroplex in recent years, supporting various residential communities.