The press release-y story at realestatechannel.com:
It was only a $20 million note, chicken feed for Charlotte, NC-based Mountain Real Estate Capital (MREC). But it saved developer Donald Williams’ prime Southcliff residential development overlooking North Carolina’s Blue Ridge Mountains.
The 400-acre unfinished development with 276 planned luxury wooded home sites is minutes from historic Asheville, NC.
For Mountain Real Estate Capital, buying the note held by a bank group led by Regions Bank is only the group’s recent deal in a lengthy line of transactions involving bank-owned real estate, according to the company’s website news release.
MREC is organized to invest $1 billion in bank REO/NPL with a focus on residential development loans/projects to be either acquired or restructured or recapitalized for existing borrowers.
MREC’s homebuilder joint venture program is based out of its Minneapolis office. The national origination team has additional offices in Atlanta, Los Angeles, Richmond and Newport Beach.
MREC is well qualified to compete in this often esoteric field of mortgage-note buying because most members of the group are former bank REO managers. They were formerly responsible for the management and disposition of 46,000 lots and homes valued at over $2 billion.
In the last 10 months, MREC acquired over $630 million of loans from 20 different banks.