TriGate Capital recapitalizes Nashville homebuilder, Legacy South

Nashville, TN – Legacy South, a market leading homebuilder and developer, announced a $30,000,000 capital raise from TriGate and Blue Diamond Capital. The proceeds will be used to recapitalize the private company, further establishing Legacy South as a premier homebuilder in Nashville and enhancing the company’s financial position. Patterson Real Estate Advisory acted on behalf of Legacy South.

“This transaction represents an important step for our company”, said Bailey Neal, Legacy South’s CEO. “I’d like to thank TriGate, Blue Diamond, and Patterson, as well as the entire team at Legacy South, for all the effort it took to bring this important investment to a successful conclusion.”

“We are pleased to be leading this transaction and partnering with a great investment manager in TriGate,” noted Michael Bingham, Co-Founder and Chief Investment Officer of Blue Diamond Capital. “Blue Diamond Capital has a long history growing strong businesses and building great communities with homebuilders like Legacy South.”

TriGate is a diversified, institutional fund manager based in Dallas, TX that invests in commercial and residential assets and companies across the sunbelt. Matt Rooney, Senior Vice President at TriGate added, “TriGate is thrilled to remain a part of the Legacy South story. TriGate has been a partner to Legacy South since 2019, funding over $40 million in project level capital. This entity investment reflects a thematic investment thesis of TriGate’s: partner directly with quality homebuilders to creatively deliver attainable housing solutions across growing southeast markets.”

Legacy South will continue its business of delivering high quality homes, with the new capital allowing several new projects to commence in the near term. These projects will be consistent with Legacy South’s brand and include carefully curated homes in established and growing neighborhoods around Nashville such as Madison and East Nashville. Existing communities with available for sale and for rent inventory include Soren in Madison, Eason and Maple Grove in East Nashville, Markham East in Donelson, and The Rowan in Antioch.

For more information on these communities and more, please visit the company’s website at https://legacysouth.com/communities/.

About TriGate Capital 

TriGate Capital, LLC (TriGate) is a leading real estate investment manager focused on the recapitalization and repositioning of real estate assets and companies. TriGate is based in Dallas, TX and has completed investments throughout the United States. TriGate’s team has been responsible for acquiring over $2.6 billion of real estate assets through multiple types of transaction structures. The Company’s professionals have significant expertise in real estate operations, debt restructuring, and asset and company recapitalization.

TriGate manages four fully discretionary real estate funds, TriGate Property Partners, LP (Fully Realized), TriGate Property Partners II, LP (Fund II), TriGate Property Partners III, L.P. (Fund III), and TriGate Property Partners IV, LP (Fund IV) which are the vehicles through which TriGate conducts its investment strategy. Fund II and Fund III are fully invested, and Fund IV is presently in its investment period

About Blue Diamond Capital

Blue Diamond Capital LLC, based in Provo, UT, engages with top-tier management teams to grow businesses.  With more than 20 years of experience, Blue Diamond Capital specializes in operating companies within the real estate industry including home builders, masterplan community development, hospitality, and multifamily development. The company’s assets include companies and properties located throughout the United States and western Canada.

About Legacy South 

Legacy South is a vertically integrated, full service home builder and developer based in Nashville, TN. Investments to date have focused on infill and urban core development in Nashville’s revitalizing neighborhoods. We pride ourselves on our craftsmanship and attention to detail, providing a high-quality product for the emerging affluent market that Nashville is becoming.

In early 2019, we expanded our investment strategy to include build for rent communities. We believe that even as entry level housing becomes less affordable, families still want and deserve the look and feel of a new single family home or townhome. We aim to provide the same level of intentional design and thoughtfulness to our rental communities as we do those that are for sale.