Mountain Real Estate Capital Acquires and Restructures Note on 270-Acre Master Plan
By The Hoyt Organization -

Torrance, CA – February 15, 2011 – (RealEstateRama) — Charlotte-based Mountain Real Estate Capital (MREC) recently closed another acquisition: a $20 million note held by CommunityOne Bank of Asheboro, N.C., which is secured by the Kellswater Bridge community in Kannapolis, N.C. MREC also worked with the current developer to restructure the debt and allow for a smooth transition of ownership. MREC will team with Raleigh-based LStar Land as its co-developer of the project. MREC and LStar plan to reposition sections of the project and accelerate development and sales to qualified national and local homebuilders.


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