Lennar Acquires Approximately $740 Million of Loans and Real Estate From Three Large Financial Institutions

by admin

Lennar Corporation announced last week its acquisition of approximately $740 million in distressed real estate assets, in separate transactions from three large financial institutions.

The combined portfolio includes nearly 400 loans with unpaid principal balance of approximately $529 and over 300 real estate properties with an appraised value exceeding $200 million. Lennar’s Rialto Investments segment will be responsible for the oversight and day-to-day management and workout of the combined portfolio.

“Rialto is uniquely positioned to underwrite and purchase pools of distressed assets and generate earnings from the resolution of those assets, one asset at a time.” says Stuart Miller, president and CEO of Lennar Corporation. “It is a wholesale to retail process driven by a hard-working group of professionals who have time-tested loan and asset workout skills.”

The acquired assets are located in 17 states, primarily in the Mid-Atlantic and Southeast regions of the United States. In the combined portfolio, 65% of the assets are residential and 35% are commercial.

Mr. Miller concluded, “We have now completed transactions with both the FDIC as well as leading financial institutions. We expect the investment opportunities in both of these sectors to continue to grow as the FDIC and the banks work through their distressed assets. Our Company is in a great position to invest capital and engage our asset management engine to add earnings through these opportunities.”

Visit www.Lennar.com for more on the Lennar Corporation.

Read More Related to This Post

Join the conversation

New Subscribe

  • This field is for validation purposes and should be left unchanged.