Harvest Capital, through its exclusive partnership with TPG Credit, closed a $600 million recapitalization and expansion facility for Metro Development Group, the companies announced Wednesday.
The transaction, completed at the end of the first quarter of 2026, recapitalizes a portfolio of 10 master-planned communities in Florida and creates a dedicated capital platform to support Metro’s expansion across the Southeast.
Metro Development Group is one of the largest master-planned community developers in the country, with a concentration in fast-growing Florida markets. Access to large-scale, flexible capital has become critical for land developers as higher interest rates, tighter bank standards and persistent lot shortages pressure the residential pipeline.
The $600 million deal builds on the momentum of the Harvest Capital–TPG Credit platform, which has now surpassed $2.1 billion in acquisition and development commitments since its launch in late 2021. Since its inception, the partnership has financed and managed more than 120 projects representing over 45,000 residential lots for developers and homebuilders nationwide, according to the announcement.
“Our ability to execute a $600 million recapitalization for a top national developer reflects the strength of our exclusive relationship with TPG and the trust we’ve earned from premier market participants,” Danny Sparks, CEO of Harvest Capital, said in the release. “We’re proud to provide the capital that enables high-quality residential communities to come to market.”
Metro’s growth plan centers on large-scale master-planned communities in high-demand markets where single-family inventory remains constrained. By structuring a facility that both recapitalizes existing projects and funds expansion, the transaction is designed to allow Metro to accelerate development while managing balance sheet and execution risk.
“Working with Harvest Capital and TPG has given us the kind of capital solution we’ve been looking for – flexible, scaled, and tailored to how our business actually operates,” John Ryan, CEO of Metro Development Group, said. “This facility lets us focus on what we do best, which is creating high-quality master-planned communities, while giving us the confidence to lean into our growth across the Southeast.”
Nonbank capital providers and credit funds have taken a larger role in land and lot financing over the past several years as commercial banks pulled back from acquisition and development lending. For homebuilders and master-planned community sponsors, that shift has made specialty lenders and institutional credit platforms a key source of scale capital.
“We value our partnership with Harvest Capital and their deep expertise in residential land development financing,” said TJ Durkin, managing partner and head of asset-based finance at TPG. “This transaction exemplifies TPG’s commitment to deploying flexible capital solutions that support the residential sector’s critical role in addressing housing supply needs across growing U.S. markets.”
The Harvest Capital–TPG Credit platform focuses on nonrecourse financing solutions for residential land and lot development. The partners said they are targeting strategic relationships with developers in high-growth regions, with an emphasis on attainable housing.
For land developers and homebuilders, the transaction underscores ongoing investor appetite for scaled land and development exposure tied to population-growth markets, even as for-sale housing faces affordability and rate headwinds. Access to large programmatic facilities can help sponsors secure and develop lot pipelines that support future community and vertical construction starts.
