Capital Raise / Construction and Development
Financing sequenced with the approvals.
Construction loans and development capital for ground-up projects and substantial rehabilitations, planned alongside entitlements, budgets and timelines.
Development finance
Capital and approvals run on the same clock.
Lenders fund against conditions, and those conditions depend on the approval path. We work with sponsors early to line up entitlements, the pro forma, the budget and the capital stack so the financing can close when the project is ready.
Our team brings direct experience with municipal and state approvals, which keeps the capital plan grounded in how projects actually get built.
Typical situations
- Ground-up multifamily
- Mixed-use development
- Industrial and logistics
- Hospitality projects
- Substantial rehabilitation
- Adaptive reuse
What we arrange
The full development capital stack.
Senior construction debt is one piece. We plan the land, predevelopment, subordinate and takeout capital with it.
Construction Loans
Construction lenders underwrite the sponsor, the budget and the schedule as much as the finished asset. We review hard and soft costs, contingency and the construction timeline, size the loan against a realistic stabilized value, and negotiate the terms that matter during the build: completion and carry guaranties, interest reserves, draw procedures and extension options. Lenders see a package that has already been tested.
Land and Predevelopment
The period before a construction loan is often the hardest to finance. Land acquisition debt has become scarce, and predevelopment costs for design, studies and approvals usually come from equity. We help sponsors plan how the land will be controlled and paid for, find predevelopment capital where it exists, and build an entitlement schedule the construction lender will accept.
Subordinate and Public Capital
Most development capital stacks need more than senior debt and sponsor equity. We evaluate preferred equity and mezzanine alongside public sources such as tax abatements, PILOT agreements and C-PACE, and model how each affects returns and lender requirements. Public programs take time to secure, so we map their approval steps against the construction schedule early.
Takeout Planning
Construction lenders want to see how their loan will be repaid. We build the permanent financing plan before construction starts, covering bank, life company and agency options, and screen for a HUD takeout where the project qualifies. HUD execution is coordinated through approved MAP lenders; Macallan is not a MAP-approved lender and does not issue commitments.
Construction-to-HUD takeout advisory is coordinated through approved MAP lenders. Macallan is not a MAP-approved lender and does not issue HUD commitments.
In their words
“You have to have all the pieces set up before you can go get the capital.”Marco Howington, President and Co-FounderRead: Approvals and capital run on the same clock
Discuss a development
Start before the capital is needed.
The earlier we see a project, the more of the approval and financing work can run in parallel.