Mountain Real Estate Capital Recapitalizes Two Houston Master Planned
Communities for Land Tejas
HOUSTON -- January 22, 2013
Charlotte-based Mountain Real Estate Capital, LLC (Mountain) and Houston-based
Land Tejas Companies (Tejas) announce the recapitalization of two of Tejas’
active master planned communities, Canyon Lakes West in Northwest Houston and
Sterling Lakes South in South Houston. Mountain provided new equity to fully
repay all bank debt securing these projects and to cover engineering and site
development costs – the two projects combine for 2,600 total home sites and
are now debt free. Each project is the second phase of successful,
fully-amenitized and gated communities with homes being built by regional and
national homebuilders including DR Horton, LGI Homes, Castlerock Homes, Westin
Homes, Lennar, Beazer, KB Homes, Gehan Homes and First Texas Homes. Additional
builders are in negotiation for the second phases.
Arthur Nevid and Keith Alexander structured and closed the deal for Mountain.
Mr. Alexander, director, states, “While the majority of our joint venture
investments and portfolio restructures over the last three years have been on
the West Coast, Rockies and Southeast, it has been a goal of ours from the
start to identify best-in-class residential developers in Texas, so we are
extremely pleased to begin a relationship with Land Tejas in Houston and are
expecting to close three additional projects with them in 2013 encompassing
over 4,500 additional home sites. We also expect to expand our Texas
investment platform in 2013 to Dallas, Austin and San Antonio as well.”
Each project will be examples of Tejas’ Canyon Gate® concept, combining a
synergy of prime location, resort-style amenities and homes equipped with the
latest technology. Tejas’ SplashPad Texas® is renowned for its extensive
family–oriented amenities including junior Olympic pool, spray-play pool,
splash and spray pad, exercise room, cabana and changing rooms, tike-bike
course, children’s playground, covered pavilions for picnics and basketball.
Home prices range from the 100’s to the 400’s.
Land Tejas’ CEO, Al Brende, states, “It has been a pleasure and a great
opportunity for us to team up with the Mountain team. They bring both capital
and a deep understanding of the complexities of residential development,
allowing us to not only unlock the developmental value of these great projects
but to also explore potential new acquisitions in this dynamic Houston
Mountain Real Estate Capital is three types of investments:
*Joint ventures to acquire and develop broken master-planned communities
and land developments.
*Portfolio recaps for real estate operators to restructure their debt and
equity positions, and to grow their companies.
*Partnerships with best-in-class homebuilders in primary and secondary
markets across the country.
MREC is headquartered in Charlotte, N.C. with origination and management
offices in Minneapolis, San Diego, New York, Richmond, Baltimore and Los
Angeles. MREC continues to emerge as a leading provider of equity capital to
homebuilders and residential land developers. Since 2010, MREC has acquired
over 24,000 lots/homes and another 11,000 developable acres with approximately
$400 million committed in 15 states.
Arthur Nevid, chief investment officer for Mountain states, “Land Tejas is our
11^th strategic developer or homebuilder relationship. As with all of our
other partners, Land Tejas is a best-in-class operator within its submarket,
requiring only flexible equity capital to be able to greatly expand its
development capability. In 2013, our goal is to add at least 6 new such
strategic relationships nationally.”
Mountain Real Estate Capital, LLC
Amy Hanoa, email@example.com
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