MREC Buys Loans in North Hills, Plans More RDU Holdings with LStar
Posted January 16, 2012
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Charlotte, N.C.-based Mountain Real Estate Capital (MREC) has acquired 150 performing and non-performing loans totaling over $100 million secured primarily by residential development properties in Raleigh, N.C., and the Charleston, Myrtle Beach, Hilton Head and Kiawah Island areas of South Carolina.
The loan portfolio in Raleigh is for a subdivision in the North Hills area.
"We closed $75 million of distressed notes on the last business day of the year," said Peter Fioretti, MREC's CEO.
MREC's co-developer, LStar Land Group is headquartered in Raleigh.
"We will soon announce another REO purchase with LStar in the RDU market, putting our potential holdings there in excess of 1,000 residential lots," said chief investment officer Arthur Nevid.
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