As the business of building homes remains bottomed out, Lennar Corp. has invested again in growing its other business -- mining distressed land and loans for profit. The Miami-based company announced Friday that it has bought roughly $740 million worth of repossessed real estate and loans that have gone sideways in separate transactions with three large financial institutions it did not name. More
Toll Brothers' deal with the FDIC to acquire $1.7 billion in troubled real estate loans and properties in partnership with Oaktree Capital Management is official. The acquisition of AmTrust Bank's portfolio was announced Tuesday. The portfolio includes roughly 200 loans, most non-performing, with an unpaid balance of about $1.32 billion. A significant majority of the loans were made for acquisition, development and construction. It also includes 80 real estate properties, land, lots, condominiums and single-family and multi-family communities in 17 states at various stages of completion and a book value of $382 million. More
Toll Brothers on Monday announced the creation of an asset acquisition and managment unit designed to profit from distressed real estate. Named Gibraltar Capital and Asset Management LLC, the new unit is a wholly owned subsidiary of Toll Brothers, Inc. It is similar but not identical to Lennar Corp.'s Rialto unit in that it intends to acquire and hold some assets that are not directly related to home building. More
Oaktree Capital Management in partnership with Toll Brothers is said to have won an auction to buy the $1.7 billion asset portfolio of the seized AmTrust Bank from the Federal Deposit Insurance Corp. (FDIC), according to the More
Real Estate Disposition Corp. is looking beyond the disposal of distressed assets. More
Lennar Corp. may list its occupation as home builder, but its recently announced investment in government-possessed distressed real estate assets unveils what many would say is the company's true vocation, land wrangler. Analysts who follow the company believe that is a good thing. More
Lennar Corp. (NYSE: LEN) late Wednesday said it had entered into a pair of structured transactions with the Federal Deposit Insurance Corpation involving a 40% stake in companies set up to hold distressed loan assets. Lennar said it would pay approximately $243 million for the stake. The two portfolios of loans have a combined unpaid balance of $3.05 billion. More
Three bidders spend 6 1/2 hours battling for 5,499 lots. More
The plan to reorganize LandSource Communities and pull it out of bankruptcy has been amended once again, this time to sweeten the pot and make more cash available for balking creditors. More
