First Continental Closes on $9.4M Loan for Phases 4-6 of a New Housing Community by HIC Land in South Carolina

First Continental Previously Financed Phases 1-3 of the Auberon Woods Community, Bringing New Housing Opportunities to Conway

HOUSTON, TX (September 18, 2024) – First Continental, a Houston-based lending company that specializes in residential lot acquisition and development financing, announces the closing of a $9.41 million loan for HIC Land, a premier land investment company and master-planned community developer in the Southeastern United States, to develop Phases 4-6 of its Auberon Woods project in Conway, South Carolina, a suburb of Myrtle Beach. Auberon Woods is being built on a 758-acre tract; Phases 4-6 of the project, slated for completion in summer 2025, will transform 127.6 acres near Old State Highway 90.

These new phases, which will consist of 194 single-family home sites, will build on the development’s first threephases, which First Continental financed in August 2022 with a $10.4 million loan that includes 206 homesites, providing Conway residents access to new-build housing opportunities and access to amenities.

In coordination with D.R. Horton, “America’s Builder,” the entire Auberon Woods community will include over 1,100 houses and two amenity areas, one of which will begin construction this year and a second, larger clubhouse planned for a future stage of development. Auberon Woods is slated for full completion by the end of 2027.

“We are very excited to continue our long-term partnership with HIC Land,” said John Bonner, president of First Continental. “We have seen the quality of projects that they are capable of delivering throughout the years since our first collaboration and are sure that they will bring that same level of attention to detail and dedication to Auberon Woods in Conway.”

Auberon Woods marks the 14th project loan financed by First Continental for HIC Land since the two companies began collaborating six years ago, totaling over $100 million in loan transactions.

HIC Land has built an impressive reputation for buying large tracts of land, installing infrastructure and selling to some of the top publicly traded homebuilders in the United States. The company currently has 33 projects in development throughout the Southeast region.

“HIC Land prides itself on developing large housing communities to meet the needs of the area we are developing in,” said HIC Land founder and CEO Stefan Hoyer. “Auberon Woods will provide homes for an

underserved segment in the market while providing a large amenity in a region where having both is hard to find and even harder to afford.”

HIC Land anticipates the total projected loan needed for all phases to be over $50 million. For more information, visit firstcontinental.com.

About First Continental

First Continental is a Houston-based private lending company founded in 1994 with a specialized focus on providing non-recourse lot acquisition and development financing. With an impressive track record, First Continental has financed over 1,200 residential communities across major metropolitan areas nationwide, including Atlanta, Houston, Dallas, Charlotte, Raleigh, Austin, San Antonio, Phoenix and Orlando, totaling over 95,000 lots and over $4.7 billion in transactional volume. In 2024, the company celebrates its 30th anniversary, commemorating the unwavering commitment to its clients and expertise. For more information, visit firstcontinental.com.

About HIC Land

Hoyer Investment Company Land, LLC (“HIC Land”) is a Charleston, South Carolina-based real estate investment company and land developer that acquires, rezones and develops land throughout the Southeastern United States. It specializes in land acquisition and lot development for the largest publicly traded homebuilders in the U.S. Through its competent and experienced team of land development professionals, strong balance sheet, and established partnerships with the nation’s largest homebuilders, HIC currently develops over 2,200 lots annually and controls over 41,000 lots. For more information, visit hicland.com.