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NAPLES — GL Homes signed a financing agreement with Minneapolis-based Mountain Real Estate Capital (MREC) for the development of 850-home Riverstone Community in Naples. Terms of the agreement were not disclosed.
MREC's latest deal with GL Homes expands its investment in Florida real estate to include 8,300 acres of land and 6,500 home sites in the area, and is the company's third such deal in the Naples area. The firm's executive team is largely comprised of former bank REO managers, who oversaw the disposition of more than $2 billion in assets, a release says.
The Business Review first reported on GL Homes' plans to partner with MREC in November (see “Land bankers on the prowl,” Nov. 26, 2010).
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