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Lennar’s Rialto Capital Completes First Closing of Second RE Fund

Builder Lennar Corp.’s Rialto Capital subsidiary has completed the first closing of its second real estate investment fund.

The fund is a distressed asset vehicle with initial equity commitments of about $260 million.

According to the company, the total equity commitments include $100 million committed by Lennar.

Lennar’s CEO Stuart Miller credited Rialto in the builder’s third-quarter earnings call with playing “a central part in the improving Lennar story.

“Rialto contributed $7.7 million of operating earnings, while the Rialto connections and relationships have continued to help grow and expand our core homebuilding business,” he said.

Lennar plans to release fourth-quarter earnings next month.