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Mountain Real Estate Capital Closes Five Distressed Asset Acquisitions

Mountain Real Estate Capital, the newly formed acquisition and investment affiliate of ""Mountain Funding"":http://www.mountainfunding.com/index.html, announced this week that it has closed on its first five acquisitions.
[IMAGE] One involved an REO purchase of a portfolio of 56 residential communities in the greater Atlanta area from Bank of North Georgia. The plan is to build out the larger projects in a joint venture with builder partners, and sell the remaining projects. This transaction closed within 30 days.

Mountain made a second REO acquisition of 1,200 acres in southwestern Florida entitled for 1,000 dwelling units, which closed within 27 days.

The company purchased a non-performing loan secured by an 80,000 square foot commercial building in South Carolina that closed in 14 days.

Mountain also entered into a $75 million equity partnership with GL Homes of Florida to acquire assets from a major financial institution. The company says

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there is a potential real estate sell-out in excess of $1.8 billion over an eight-year period. The deal closed within 27 days.

The investment firm also secured an equity joint venture with GreenPointe Communities of Florida to purchase, develop, and sell two subdivisions located in Jacksonville. The transaction closed in 20 days.

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.

Peter Fioretti, CEO of Mountain Real Estate Capital, explained that historically his organization has focused on value-added residential and commercial opportunities. ""But in the current environment, our focus is entirely on acquiring assets at distressed values, and providing equity capital in joint ventures,"" Fioretti said. ""We will invest with select real estate companies who have a track record in significantly enhancing value of their properties through entitlement, re-design, developing land or building houses.""

The Mountain Real Estate Group, headquartered in Charlotte, North Carolina, has origination and management offices in most major regions of the country.

Many of its professionals joined in 2009 from GMAC-ResCap's Business Capital Group, where they were responsible for the management and disposition of well over $2 billion of residential assets. Today, Mountain's team is involved in the ownership or management of over $1 billion of property throughout the United States.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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