Avila Real Estate and Encore Capital issue $362m loan for planned community in Northern Calif.
Avila Real Estate Capital and Encore Capital Management have issued a $362 million loan toward the acquisition of more than 5,500 entitled and partially developed lots at San Joaquin County, Calif.-area Mountain House, a storied planned community in the greater Bay Area.
The seller was the California Public Employees’ Retirement System, which invested in acquiring 2,400 acres of the community, initially as a partner of Shea Homes in 2005.
“Despite the scale and complexity of the project, our team demonstrated its ability to move quickly, and close the very large loan within two months,” said Tony Avila, CEO at Avila Real Estate Capital, Builder Advisor Group and Encore Capital Management.
The community offers stylish new homes, amenities and the entire Bay Area is well within reach via Highways 205 and 580. At complete build out, Mountain House will be home to more than 44,000 residents and feature a Safeway-anchored shopping center (currently in lease up,