Torrance, CA - February 7, 2012 - (RealEstateRama) -- Mountain Real Estate Capital (MREC) and L Star Management (L Star) are proud to announce the acquisition of Brightleaf at the Park in Durham, N.C. As one of the premier master planned communities in the Triangle, Brightleaf’s proximity to Research Triangle Park (RTP) makes it highly sought after by both homebuilders and homebuyers. The acquisition is comprised of 900 residential lots with products ranging from townhouses to single-family lots, widths from 50 to 90 feet. The terms of the deal were not disclosed.
Torrance, CA - February 15, 2011 - (RealEstateRama) -- Charlotte-based Mountain Real Estate Capital (MREC) recently closed another acquisition: a $20 million note held by CommunityOne Bank of Asheboro, N.C., which is secured by the Kellswater Bridge community in Kannapolis, N.C. MREC also worked with the current developer to restructure the debt and allow for a smooth transition of ownership. MREC will team with Raleigh-based LStar Land as its co-developer of the project. MREC and LStar plan to reposition sections of the project and accelerate development and sales to qualified national and local homebuilders.
Torrance, CA - January 13, 2011 - (RealEstateRama) -- Charlotte-based Mountain Real Estate Capital (MREC) advanced its bank NPL/REO acquisition program by closing four transactions on Dec. 30, 2010, bringing its total 2010 residential land acquisitions to more than 12,000 acres and over 7,500 home sites nationally. Notes and equity purchases were closed with over 20 different selling banks, amounting to an unpaid principal balance in excess of $600 million. With these latest acquisitions, MREC now owns and manages more than 200 projects with over 10,000 lots and 7,400 acres of land across the U.S