Crestline Management, L.P. (“Crestline”) and Everest Financial Services are pleased to announce the closing of a $30.0 million senior secured revolving credit facility to a joint venture sponsored by Randolph Texas Development (“RTX”), a Central Texas-based land acquisition, entitlement, and development firm. The facility will finance the first phase of horizontal development and infrastructure for a 584-acre master-planned residential community in Leander, Texas, within a half-hour of downtown Austin. The community is expected to consist of large-format lots, including 75 one-acre lots in its first phase and 218 half-acre lots in its second. All 75 first-phase lots are under contract with homebuilders.
“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.
About Crestline Management, L.P.
Crestline is a global alternative investment management firm founded in 1997 and based in Fort Worth, Texas, with affiliate offices in London, New York, Tokyo, and Toronto. The firm has approximately $18 billion of credit assets under management (as of June 30, 2026) including its capital solutions, direct lending, and portfolio finance platforms. Crestline operates as part of Rithm Capital Corp. (NYSE: RITM), a global alternative asset manager with significant experience managing credit and real estate assets and an integrated platform that spans asset-based finance, residential and commercial real estate lending, mortgage servicing rights, and structured credit. For more information, visit www.crestlineinvestors.com.
About Everest Financial Services
Everest Financial Services is the private credit platform of Everest Holdings, providing customized debt financing solutions to real estate investors and developers nationwide. Drawing on its team's extensive experience in real estate development, investment, and finance, Everest specializes in flexible financing structures for land acquisition and development, construction, and transitional real estate assets. For more information, visit www.efslending.com [efslending.com].
About Randolph Texas Development
Randolph Texas Development is a family-owned developer rooted in Central Texas. For landowners, municipalities, builders and capital partners who value stewardship and accountability, RTX transforms complex land challenges into enduring communities that create lasting value through partnerships grounded in trust. For more information, visit www.randolphtexas.com [randolphtexas.com].
This financial promotion is issued by Crestline Management, LP and Crestline Europe, LLP (together "Crestline"). Crestline Europe, LLP is authorized and regulated by the Financial Conduct Authority (FCA). The material is not intended to be a formal research report and nothing in this presentation should be interpreted to state or imply that past results are an indication of future performance. Any opinions expressed herein are our current opinions only. There can be no assurance or guarantee that Crestline's investment strategy will achieve its stated goal. All information provided in this presentation is for informational purposes only Crestline accepts no liability for loss arising from the use of this material. In the United Kingdom, this communication is being made only to, or directed only at, persons who are: (i) investment professionals within the meaning of Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (“FP Order”); (ii) high net worth companies and certain other entities falling within Article 49 of the FP Order; or (iii) any other persons to whom such communication may lawfully be made. It must not be acted, or relied, upon by any other persons.
