L Star acquires Weston Place in Cary, North Carolina.
Development of 156-unit townhouse community continues.
RALEIGH, NC — When L Star orchestrated the purchase of the bank note on Weston Place, it was revitalizing a project originally under development by McCar Homes, based in Atlanta, Georgia. McCar was experiencing severe financial distress. As such, it was in default under the terms of its loan and the bank note was for sale.
Located near the center of Cary, Weston Place is less than ten minutes from Research Triangle Park (RTP). Because the original developer had finished the amenities, entry features and horizontal infrastructure, no significant improvements were required to build and sell the remaining 101 townhome units.
As one of the first residential communities in the Triangle to be purchased from a lender, Weston Place marked the transition from pre-downturn to post-downturn repositioned pricing.
“Coming out of this recession, L Star is ideally positioned to offer our builder partners in the area the opportunity to build units and offer prices that are significantly lower than those in surrounding developments,” said Kyle Corkum, President of L Star Management LLC. “Weston Place is a great example of this. This transaction not only allowed the lender to move a non performing loan off its books, more importantly, it allows the development to get back on its feet and selling again. This is a huge benefit for the existing homeowners.”
L Star is a highly experienced site selection and asset management firm based in Raleigh, North Carolina. Partnering with some of the country's pre-eminent private equity and wealth management funds, L Star acquires assets across the Southeast.
L Star's senior staff has 200 years combined experience in land acquisition, project/asset management, site development, design, planning, permitting, real estate law, finance and construction. As of Q4 2010, L Star Management, LLC has closed nearly 5,000 units in the Carolinas. For more information visit: http://www.LStarLand.com
Media Contact:
Kyle Corkum
L Star Management, LLC
(919) 256-1981
(919) 256-1982 (fax)
Kyle@LStarLand.com