Updated Aug 27, 2026
Fred Balda Of Hillwood Acquires 618-Acre Development Site In Pilot Point From Gene McCutchin Ltd III
Building Size
—
Asset Type
Development Site
Closing
Aug 15, 2026
About this deal
AI
Hillwood acquired 618 acres at the northwest corner of Friendship Road and FM 1385 in Pilot Point, Texas, for an undisclosed price to develop Lantern, a master-planned community featuring around 2,000 homesites, parks, trails, retail and multifamily opportunities.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: Undisclosed
- Address: Friendship Road & FM 1385
- Market: Pilot Point, TX
- Acres: 618.0
- Buyer: Fred Balda - Hillwood
- Seller: Gene McCutchin Ltd III
- Broker: Ben McCutchin - Younger Partners
The project, Lantern, is anticipated to represent approximately $1.2 billion in investment at full buildout, with FM 1385’s planned expansion likely to support growth in the area.
Market Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93