Miami, Florida-based homebuilder ""Lennar Corporation"":http://www.lennar.com/ announced this week that it acquired around $740 million in loans and distressed real estate from three large financial institutions.[IMAGE]
Of the acquisition, Stuart Miller, president and CEO of Lennar, said Ã¢â‚¬Å“These ground breaking transactions, sourced by Eric Feder, head of strategic development for Lennar and Rialto, represent the first major purchases from the private sector.""[COLUMN_BREAK]
He continued, ""we worked hand-in-hand with three large financial institutions to help them maximize the value of their distressed assets, while creating an excellent investment opportunity for our shareholders.Ã¢â‚¬Â
The combined portfolio includes both residential and commercial properties and consists of approximately 397 loans and 306 properties. The acquired assets are located within the 17 states in which the company operates and contain mainly non-performing properties, development and construction loans and REO related land, lots, single-and-multi=family residential communities.
LennarÃ¢â‚¬â„¢s ""Rialto Investments"":http://rialtocapital.com/ sector will take charge of the oversight and daily management of the portfolio. Rialto focuses on distressed loans and real estate.
Miller said of Rialto, ""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. It is a wholesale to retail process driven by a hard-working group of professionals who have time-tested loan and asset workout skills.""