Williams Homes, Inc. Enters $4.1 Joint Venture Affiliation with Johnson Capital
Williams Homes to develop second property in Fillmore, California with a projected completed value of $20 million.
- Los Angeles-Long Beach, CA (1888PressRelease) October 04, 2013 - Williams Homes, one of the top privately-held homebuilders in Southern California, has announced that the company has entered into a $4.1 million, principal to principal joint venture equity affiliation arranged by Johnson Capital for the acquisition and development of a 45-lot residential subdivision in Fillmore, California.
The project, Edgewood, is Williams' second development in Fillmore. The average home size will be 2,400 square feet on an average lot size of 8,000 square feet and prices are anticipated to start in the high $300,000s. Williams projects that the completed value of the development will be $20 million.
"We have been very aggressive in the last few years with moves that solidified our position as one of the most active developers in the region," said Lance Williams, president and CEO of Williams Homes. "Johnson Capital has been a pleasure to work with, as their principals understand the complexities, challenges and opportunities inherent in residential development. It was critical to align ourselves with a strong and flexible capital advisor and this platform further allows us to seek out the best locations and plan each neighborhood to meet the needs and wants of today's homebuyers."
Johnson Capital brought in a single private investor to the transaction, who previously served as the founder of a private regional homebuilder in the southeast. Dennis Cisterna, Johnson Capital's senior vice president in the firm's Los Angeles office closed the deal in less than 30 days.
Since 1996, Williams Homes has delivered more than 500 homes in 30 communities worth in excess of $200 million, and currently has in development or under construction an additional 600 units throughout Southern and Central California with a completed value of approximately $300 million. To fortify the company's expansion, Williams Homes has bolstered its management and field teams. Recent key executive appointments include: executive vice president and chief financial officer Joavan Tseng, senior project manager Elisabeth Berg, project manager Scott Smith, and director of construction operations for the Central Coast Division, Steve Johnson.
Additionally, Williams Homes has been named Builder of the Year by the Building Industry Association of Southern California's Los Angeles/Ventura chapter. Mr. Williams will accept the prestigious honor at the chapter's annual installation and awards event on November 14, 2013 in Los Angeles.
ABOUT JOHNSON CAPITAL:
Celebrating its 25th anniversary as a leading commercial real estate capital advisory firm, Johnson Capital provides a variety of real estate financing services including debt placement and acquisition financing for permanent loans, construction financing and property repositioning. In addition, it arranges joint venture equity placement for individual assets, portfolios, entities and discretionary funds. The firm is a leading national commercial real estate capital intermediary with direct lender relationships through Fannie Mae, Freddie Mac, HUD and many insurance companies.
Johnson Capital's transactions have ranged in total funding from $1 million to over $300 million and have financed all property types, including: multifamily, office, retail, industrial and hotels. Since its inception in 1987, Johnson Capital's aggregate transaction volume has surpassed $36 billion. Johnson Capital is one of the country's top real estate capital advisory firms with 20 locations nationwide. www.johnsoncapital.com.
ABOUT WILLIAMS HOMES, INC.
Under the leadership of Lance Williams, Williams Homes has built a reputation with new homeowners throughout Southern California by providing homes of quality and distinction. During the last decade, Williams Homes has built and delivered hundreds of new homes and earned a respected reputation as a builder of exceptional quality homes and communities. The Williams Homes' team has established a relationship with its family of homebuyers as a builder who stands behind its product and continues to provide a level of customer service that exceeds expectations. www.williamshomes.com.
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