Mountain Real Estate Capital, the newly-formed acquisition and investment affiliate of Mountain Funding, has closed its first five acquisitions. The new investment entity will focus on acquiring assets at distressed values and providing equity capital in joint ventures.
The Charlotte, North Carolina-based firm has raised a distressed real estate opportunity fund, according to its website, and in 2009 hired 14 senior executives from the real estate-owned asset management group of GMAC-ResCap’s Business Capital Group, including managing director Joel Kaul, director of asset management Thomas Clement and senior asset manager Brian Clauson. Mountain were unavailable for comment at press time.
Among Mountain’s latest deals are a $75 million equity partnership with Florida developer GL Homes targeting residential assets in the state and the purchase of a portfolio of 56 single-family home subdivisions in the greater Atlanta area that had been taken back by Bank of North Georgia.
“Our focus with our developer-builder partners has shifted from restructuring and paying off debt to moving forward on new equity investments,” said managing director Joel Kaul in a statement.
The remaining three acquisitions consist of an equity JV to purchase, develop and sell assets in Florida; the purchase of a non-performing loan secured against an 80,000-square-foot commercial building in South Carolina and the REO acquisition of 1,200 acres of residential land, which will comprise roughly 1,000 homes in Florida.