MREC Expands Western Region Operation
SAN DIEGO, Calif.—Jan. 21, 2013— Mountain Real Estate Capital, a leading buyer of residential development assets and a private equity source for real estate land developers and homebuilders, has opened its new office in San Diego and hired Lisa Albanez as managing director to lead its expansion effort in the western region of the United States. Mountain’s focus in the west will be in both primary and secondary markets throughout southern and northern California as well as the Las Vegas, Phoenix and Seattle markets.
“Lisa has a solid reputation and is well known in our industry. She brings a wealth of knowledge and experience to our team,” said Peter Fioretti, Mountain’s chief executive officer. “We are very fortunate to add Lisa to our West Coast group to help us aggressively expand our presence in the market place. Lisa’s past leadership experience in placing equity and debt in homebuilding and development projects in the western U.S. for other major institutional investors will be invaluable to our business.”
Albanez has over 20 years of experience in the industry and over the course of her career has been involved in residential projects totaling over 40,000 new homes with a retail value in excess of $10 billion, working with both private and public builders. “I’m excited about expanding Mountain’s opportunistic investment platform success in the Western region,” said Albanez. Mountain is focused on creating several new key relationships with best-in-class operators. “By utilizing creative, flexible deal structures, we can provide our builder/developer partners with the necessary capital to meet their goals and objectives.”
With a $1 billion equity fund, Mountain is committed to being the premier capital provider for residential development in the nation. Mountain has an already proven track record closing on numerous homebuilding and complex land development projects, providing in excess of $40 million of capital to each of its larger operators. Mountain Real Estate Capital is focused on three types of investments:
- Partnerships with best-in-class homebuilders in primary and secondary markets across the country
- Joint ventures to acquire and develop broken master-planned communities and land developments
- Portfolio recaps for real estate operators to restructure existing debt and equity positions, and to grow their company