Mountain Real Estate Capital financing GL Homes' Riverstone

Mountain Real Estate Capital has entered into a joint venture with Sunrise-based GL Homes of Florida for the development of the 850-home Riverstone Community in Naples.

GL Homes plans to develop Riverstone on property east of Olde Cypress Boulevard and north of Immokalee Road. The development will feature homes ranging in price from $300,000 to $600,000 and sizes from 1,758 to more than 4,500 square feet. Amenities will include a clubhouse with fitness center, an indoor sports complex, a pool, and tennis courts.

Terms of the deal were not disclosed.