Roughly seven months since Toll Brothers' subsidiary Gibraltar Capital and Asset Management closed on its first deal, the distressed asset acquisition and management unit is at it again. Toll Brothers management announced Thursday that the wholly owned subsidiary partnered with Deutsche Bank to purchase a $200 million distressed loan portfolio More
The economic bust of the past five years has ended careers, depressed real estate assets, and crushed investment accounts intended for retirement. More
Lennar Corp. announced plans Thursday to raise $350 million by selling convertible senior notes, cash it says it might use to invest in distressed debt through its Rialto joint ventures. The announcement said the company plans to use the proceeds "for general corporate purposes, which may include the repayment or repurchase of its existing senior notes or other indebtedness, purchase of, or investments in portfolios of distressed mortgage or other debt instruments, and acquisitions of land suitable for residential development." Bloomberg reported Wednesday that three sources said the home builder is seeking to raise $800 million from private investors to increase its investment in Rialto, its distressed-asset real estate unit. More
Public builder pays $62 million in cash, stock, and notes for real estate portfolio that also includes land in Florida and Arizona. More
Avatar Holdings, Coral Gables (NASDAQ:AVTR) late Monday said it acquired a portfolio of real estate assets in Arizona and Florida, including Joseph Carl Homes, for approximately $62 million in cash, stock and notes, plus an earn-out of up to $8 million. The purchase was made from JEN Partners LLC, a New York-based real estate private equity fund. More
Gerald D. Kelfer is retiring and will be replaced by Jon M. Donnell in mid-November. More
Avatar Holdings, Coral Gables (NSDAQ:AVTR) on Wednesday said Jon M. Donnell will join the company as president and CEO on November 15, succeeding Gerald D. Kelfer, 65, who is retiring. Mr. Donnell will also join Avatar's board. Donnell, 51, has a long track record in the production home-building business. More
Former principals of SunCal, the large-scale private developer whose More
Company's new portfolio is worth roughly $740 million and includes repossessed real estate and past-due loans. More
