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Brokerage
Posted: March 25, 2013
Toll Brothers' Gibraltar Capital and Asset Management secure four new transactions totaling $33 million
According to Gibraltar Capital and Asset Mgmt., LLC (Gibraltar), a wholly owned subsidiary of Toll Brothers, Inc., they closed four separate transactions with three selling institutions, each of which represents a new relationship for Gibraltar.
The transactions, which were completed between Nov. of last year and Feb. of this year, totaled over $33 million, which represents an increase in Toll Brothers' investment in Gibraltar and a discount to the unpaid principal balance of loans acquired.
Three of the transactions were wholly-owned Gibraltar purchases, and the fourth represented a participation interest by Gibraltar in the purchase of a loan portfolio. The loans are secured by retail shopping centers, residential land and golf courses located in FL, PA, AZ, MD, MA, MN and GA.
Douglas C. Yearley, chief executive officer of Toll Brothers, stated, "These transactions reflect Gibraltar's continuing ability to generate alternative revenues for Toll Brothers and source new opportunities to acquire acquisition, development and construction (ADC) and commercial real estate assets."
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