Lennars 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.