Charlotte, N.C.-based Mountain Real Estate Capital has closed its second REO/nonperforming loan acquisition from Bank of America in the last three months.
The first is a 1,000-unit active adult project located in the US 27 corridor of Orlando, which closed in June. The second is a San Diego partially completed subdivision of 17 lots and four completed models, which closed in August.
MREC has recently acquired debt and capital with basis in excess of $500 million from banks and other institutions covering over 400 separate notes or assets. The firm has closed eight transactions from six financial institutions in the last six months.
MREC is organized to invest $1 billion in bank REO/NPL over the next two years, said Peter Fioretti, chief executive officer of MREC.
