Millrose Properties, Inc. closed an amendment to its credit facility on March 25, 2026 that adds a $500 million term loan and expands the unsecured debt capacity to $1.835 billion. The amendment replaces the company’s previously secured revolving credit facility and provides a higher ceiling for floating‑rate debt.
The new unsecured facility matures on March 25, 2030 and carries a variable interest rate based on Adjusted Term SOFR plus a margin of 2.00% to 2.50%, depending on the company’s leverage ratio. The expansion gives Millrose additional financial flexibility to fund homesite acquisitions and development projects across its national portfolio.
"This expansion to a fully unsecured credit facility reflects the strength of our balance sheet and deepens the liquidity and financial flexibility that allow us to serve our homebuilding partners with speed and confidence," said Darren Richman, CEO and President of Millrose.
"The addition of incremental floating rate debt is a natural fit for our business, as a portion of our homesite option contracts are floating rate instruments — creating a well‑matched funding structure. Our enhanced capital position further cements Millrose's role as a reliable all‑weather capital partner for homebuilders navigating today's dynamic market environment," Richman added.
The move to a fully unsecured facility signals a maturation of Millrose’s business model and increased lender confidence. Having spun off from Lennar in February 2025, the company has been diversifying its client base beyond its former parent. The expanded credit line positions Millrose to maintain speed and confidence in a competitive homesite‑option market, supporting its role as a capital partner for homebuilders amid fluctuating housing‑market conditions.
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