Charlotte, N.C.-based Mountain Real Estate Capital, a newly formed acquisition and investment affiliate of Mountain Funding, has announced the closing of the following five acquisitions:
- a $75 million equity partnership with GL Homes of Florida to acquire assets from a major financial institution;
- a portfolio of 56 real estate owned (REO) residential communities in the Greater Atlanta area from Bank of North Georgia;
- an equity joint venture with GreenPointe Communities of Florida to purchase, develop and sell two subdivisions located in Jacksonville, Fla.;
- a nonperforming loan secured by an 80,000 square-foot commercial building in South Carolina; and
- 1,200 acres of REO in southwestern Florida to be used for 1,000 dwelling units.
Mountain Real Estate Capital is the equity investment arm of the Mountain Real Estate Group. Other affiliates include its lending group, Mountain Funding LLC, and its management and special servicing group, Mountain Asset Management LLC. The new investment entity is focused on acquiring bank REO and nonperforming loan portfolios and "opportunistic assets" for its own account or in partnership with developers, as well as teaming with home builders in joint ventures to develop and sell residential lots and houses.
SOURCE: Mountain Real Estate Capital