Home building industry veteran Mike Forsum has been tapped to lead a new land finance platform aimed at providing public and private home builders and developers with more flexible capital options.
Wafra, a New York-based global alternative investment manager, and Hunt Cos., a privately held real estate and investment company, have launched Strata Land Partners, with Forsum serving as CEO.
Mike Forsum
The platform has launched with projects comprising approximately 1,300 single-family lots and is designed to serve as a long-term capital partner for builders navigating land investment and development in an uncertain housing market.
Forsum brings more than 40 years of home building industry experience to the venture. Most recently, he served as president and chief operating officer of Landsea Homes. His experience navigating builders’ operational challenges and investment decisions will help shape Strata’s approach.
“Strata was built by builders, for builders,” Forsum said. “Having spent my career in home building, it is apparent that there is significant demand for a strategic capital partner that understands the industry’s operational nuances and thoughtfully supports builders in achieving their goals.”
He added that the platform’s goal is to “bridge that gap and play our part in building the new homes this country needs.”
Strata enters the market as builders look for ways to manage land exposure and capital requirements. According to the announcement, the platform will focus on tailored financing solutions that allow builders and developers to navigate changing market conditions while advancing residential projects.
Ryan Brenner, managing director and head of alternative real estate at Wafra, said Strata is also intended to help address the nation’s structural housing shortage by giving builders another source of capital to support new-home development.
For Hunt Cos., the partnership combines flexible capital with an operating team experienced in residential development.
“Strata brings together an experienced operating team and flexible capital to address a critical need in residential development,” said Chris Hunt, CEO of Hunt Cos. “We look forward to supporting the platform as it builds lasting relationships with home builders and developers nationwide.”
