Luxury home builder Toll Brothers has formed a new subsidiary to invest in mortgages and property portfolios.
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The Horsham, Pa.-based company said its Gibraltar Capital and Asset Management will "pursue a broad range of real estate acquisition and investment opportunities," including ADC loan portfolios.
Toll Brothers' effort in this area will be led by two company veterans, Roger Brush and Michael LaPat. The home builder is making a move into bottom fishing, even though it lost $40 million in its most recent fiscal quarter. In a statement company CEO Douglas Yearley said the firm will leverage its brand name and its access to capital.
