News
OH, GIVE ME A HOME (OR 1,000)
February 22, 2011
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Charlotte-based Mountain Real Estate Capital recently bought a $20M note on the 270-acre Kellswater Bridge community in Kannapolis. The note had been held by CommunityOne Bank of Asheboro. With $1B in investment capital on hand, MREC has been buying the debt on residential communities across the country. In the last 10 months, it's acquired more than $630M in loans held by 20 different banks. Other NC acquisitions include developments in Wilmington and Asheville, which with the Kellswater deal, bring MREC?s NC holdings to more than 1,000 lots. So far, of the 645 homes planned at Kellswater, about 60 have been built. Prices range from about $280k to $600k. |
