Desert Lakes This project is roughly 2,400 acres projected to have 6,000 homes, a golf course, and roughly 100 acres of commercial located in Coachella, California. This project was a joint venture between Lennar and Specialty Financial (Private REIT). Greencrossing Real Estate Companies was hired to manage the overall entitlements and development. This work included developing the land plan, financial modeling, Caltrans negotiations, budgeting, partnership reporting and seller negotiations. This project is expected to build out over ten years and generate over $700M of revenue. (Note: this project is still in the planning and entitlement stages)
MSR Holding Company LLC Provided consulting and asset management services for this joint venture between Morgan Stanley and Lennar Corporation. The venture was formed in 2007 and includes over 10,000 lots located in multiple states. Greencrossing Real Estate Companies worked closely with the venture to establish certain business plans, operating and disposition strategies.
The Picerne Group Provided complete asset review, underwriting and valuation services for a portfolio of assets. The portfolio consisted of 12 projects and over 1,000 lots and homes in various stages of development. The projects were located in San Diego County and the Inland Empire. Portfolio value was in excess of $25M.
Specialty Financial Provide ongoing advisory services related to non-performing residential land loans in California, Arizona and Nevada. Total value of the loans are in excess of $100M.
Midwest Hedge Fund Provide complete asset review, valuation and alternatives analysis for a master planned community investment San Diego County. This hedge fund held a $45M note on the property and was renegotiating the terms with the borrower. Our analysis and recommendation gave the hedge fund the information it needed to negotiate the best possible solution for their loan.
East Coast Based Alternatives Investment Firm Provided valuation and due diligence services related to a syndicated note purchase of over $500M. The note was secured by a master planned community in Las Vegas.
Private Real Estate Investment Fund Provided valuation, due diligence and strategy services related to the potential acquisition of an FDIC loan portfolio that included over 100 loans with a combined principal balance over $550M.
West Coast Private Real Estate Investment Fund Provided valuation, underwriting and strategy services related to the potential acquisition of Landsource, a multi-faceted real estate joint venture between Lennar and Calpers once valued at $2.6B.
Asset Management & Consulting
Greencrossing Real Estate Companies provides a wide range of asset management and consulting services. We are comfortable operating throughout the full life spectrum of residential assets. This ranges from un-entitled raw land to finished lots with vertical inventory and models. Our team has real experience in land entitlement and development, production home building, real estate capital markets (both equity and debt), market research, acquisitions & dispositions, and mergers & acquisitions. This breadth of knowledge allows Greencrossing the unique ability to evaluate situations from all stakeholder perspectives. Our clients include real estate funds, lenders and land owners. Engagements range from single asset feasibility studies to long term asset management services.
Through our industry relationships, we track significant deal flow including single assets, public builder lot portfolios and non-performing loan portfolios. We are opportunistic in our approach and allow market stresses to guide appropriate acquisition targets and strategies at appropriate times.
Land Banking. We also understand how public builders manage their balance sheet and risk through various non-consolidating joint ventures and land banking options. While many traditional and exotic financing vehicles of the last cycle are gone, Greencrossing has a strategic alliance in place to work with publicly traded home builders, private land owners, and other developers to layout new structures that work in today’s climate. We understand capital constraints and can structure partnerships to extract the value of our clients’ land through entitlement, development and disposition programs.
