Crescent Resources has hired a new executive to lead the underwriting and financing of residential real estate projects.
Jaime Pou, formerly vice president of real estate corporate banking at Bank of America Merrill Lynch, will serve as vice president of investments, managing the financial analysis, risk assessment and investment support as Crescent devotes capital to residential projects. He will manage, evaluate and make recommendations for the long-term investment performance of assets for the division and help guide Crescent's residential real estate strategy.
"Crescent is in a solid position to make high-quality investments in residential real estate and develop one-of-a-kind communities where people love to live," Pou said. "I'm excited to join the team."
The hire is the latest move for Crescent Resources, which has been building on its comeback since exiting bankruptcy protection more than two years ago.
When the company filed for Chapter 11, it listed $2.2 billion in assets and $1.9 billion in total liabilities, including $1.5 billion in bank debt. Known for building luxury master planned communities, the developer was hurt as the residential real estate market softened and it struggled to pay on its debt.
Since emerging from bankruptcy protection with a fraction of the former debt, the company moved forcefully into the apartment market and has become more active in building single family homes.
In August, Crescent completed a private offering of $350 million of senior secured notes due in 2017. It closed on $50 million of a $100 million equity commitment from its existing principal equity holders and entered into a new $50 million revolving credit facility. The company has said it planned to use the proceeds to make "targeted investments," primarily in residential and multi-family sectors and to refinance existing debt.
Earlier this month, Crescent acquired land for two residential projects, a 258-acre community outside Orlando and a 250-acre single-family community in Oak Point, Texas. In Texas, Crescent is working with another developer to build 700 to 800 homes with development expected to being in the next 18 to 24 months.
In the Charlotte area, Crescent started construction in July on a new phase of homesites at the Springfield community in Fort Mill, S.C. It is the second phase for that community started this year.
Crescent also started work this summer on an upscale amenity center at Chapel Cove, a community off Shopton Road West on Lake Wylie.
The multifamily division, meanwhile, is building a new apartment community in Tampa and continuing work on Circle South Park in Charlotte. In July, Crescent sold another property, Circle at South End, to Post Properties for $74 million, a state record for that apartment type.
Tuesday, October 23, 2012
Posted by Kerry Singe at 2:02 PM