MREC Announces First Project In Delaware

Posted by Orb Staff on December 19, 2012 No Comments
Categories : Residential Mortgage

12942_0a1 MREC Announces First Project In Delaware Mountain Real Estate Capital (MREC) has announced the closing of a new investment with Ocean Atlantic Cos. to acquire and build out Breakwater, a 185-lot community located in Lewes Beach, Del. The transaction represents MREC's first investment in Delaware.

MREC created a joint venture with Ocean Atlantic to execute a note purchase from a financial institution. The note purchase allows Ocean Atlantic to complete development in the community and for Schell Brothers Construction, a private homebuilder in southern Delaware, to construct and sell homes on the remaining lots. The partnership anticipates a three- to four-year investment horizon in which it will develop the remaining lots and contract with Schell Brothers construction to build and sell single-family homes, twin homes and townhomes ranging in size from 2,000 to 4,000 square feet.

MREC is the equity investment arm of the Mountain Real Estate Group; it is headquartered in Charlotte, N.C., and Ocean Atlantic is based in Rehoboth Beach, Del. Terms of the transaction were not disclosed.

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