Trellis originated a senior loan supporting the acquisition and predevelopment of fully entitled multifamily land in a growth Sun Belt market. The submarket benefits from sustained in-migration and household formation that continue to drive demand for new, well-located rental inventory.

Project entitlements are statutorily protected through a multi-year vesting period, preserving value and optionality through predevelopment. An adjacent construction phase advancing under separate capitalization de-risks the broader site and supports a defined path to construction takeout.