Mountain Real Estate Capital Closes $90 Million to 10 New Deals
CHARLOTTE, N.C. – April 14, 2015 – Mountain Real Estate Capital (“Mountain”), a leading private equity investor in residential land development and homebuilding, closed on ten new investments during the last few months providing equity of approximately $90 million.
“For the past five years we have focused on partnering with Best-in-Class operators around the country, shared Peter Fioretti, Mountain’s Chairman. “We continue to be excited about the diversity of our portfolio, our repeat business with our existing partners while adding additional land developers & builders to our national platform. The 10 transactions that we have recently closed include three new relationships: two land development deals in North Carolina with a major southeast land developer, a housing joint venture with a public homebuilder, and a land banking transaction with another public homebuilder.”
Since 2010, Mountain has committed over $950 million in equity to select land development and homebuilding partners to acquire more than 48,000 lots in over 400 communities in 20 states. Mountain’s investment structures include standard equity joint ventures, preferred equity investments, GP equity and land banking.
“Over the last few months, Mountain closed on $90 million of equity to acquire 2000 lots in 10 transactions in Florida, North Carolina, New York, Colorado, California, Wisconsin and Utah,” added Joel Kaul, Mountain’s managing director in Minneapolis. “We’ve been providing capital to many of our existing partners for over three or four years and they continue to provide a steady pipeline of off-market opportunities. For example, we recently closed on our 11th subdivision with one of our Midwest builder partners, our 6th deal with one of our west coast builder partners and our 9th transaction with one of our Florida builder partners. At the same time, we seek to add a few select new partners each year who can generate significant platform opportunities for us to invest in”
In addition to providing equity to builder partners, Mountain is developing and selling lots to another 30 “top-200″ builders in our master plan communities across the country. Mountain is structuring these sale transactions to deliver pods or lots to builders with the most desirable structure for both parties, in many instances providing structured takedowns or option contracts.
“We continue to look for real estate partners that possess a culture for success and strive to be the best at what they do. Mountain provides them the certainty of capital to close on opportunistic and value-add transactions. Mountain is dedicated to add additional value to our projects, and to our partners’ growth and profitability over the coming years,” said Arthur Nevid, Mountain’s chief investment officer.
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About Mountain Real Estate Capital
Since 1993, Mountain Real Estate Capital (Mountain) has been a leading private equity source for real estate land developers and builders. Mountain is headquartered in Charlotte, N.C., with offices in Minneapolis and San Diego. Since 2010, Mountain has committed over $950 Million in equity to its best-in-class partners to acquire more than 48,000 lots in over 400 communities in 20 states. Please visit us at our new website (www.mrec.com)
