Monday, February 11, 2013

Crescent Resources raises more capital

Charlotte's Crescent Resources has acquired more capital as the Charlotte developer continues to develop and build apartment, residential and commercial projects in the Southeast.

The developer closed on $75 million in additional senior secured notes last week, the company said Monday.

Crescent began raising capital last summer, with the completion of a private offering of $350 million of senior secured ntoes. At the same time, Crescent's principal equity holders, Anchor Capital Master Offshore, Lt., and MatlinPatterson Global Opportunities Partners III, LP, made a $100 million equity commitment, which was recently increased to $150 million.

Since emerging from bankruptcy protection in 2010, the developer has been active in the apartment market. 
The company has more than 5,400 multi-family units either planned or under construction in Florida, Georgia and North Carolina, including Crescent Cameron Village, the first residential center in the 60-year-old Cameron Village outdoor lifestyle retail center in Raleigh.

More recently, the company announced plans to build a "transformative" project on three blocks in uptown. The site, at the corner of South Tryon and East Stonewall streets, will be anchored by office space and could include apartments, retail and a hotel.

“We view our success in attracting growth capital as validation of our strategies for bringing innovation, sustainability and community building to all of the real estate markets we serve,” said Todd Mansfield, CEO of Crescent Resources.

“We have assembled a talented team at Crescent that is committed to using our capital base and our experience to make smart investments for the benefit of all stakeholders, including the people who live, work and play in Crescent developments,” he said.

The company is also developing master planned communities in North and South Carolina, Georgia, Texas, Tennessee and Florida, including its signature Palmetto Bluff and Springfield communities in South Carolina and Lake James in North Carolina.  In the last six months, the company has acquired five new sites for residential community development.

“We have entered 2013 in a very strong capital position with liquidity that totals more than $200 million after this transaction,” Mansfield said. “We see signs of continued growth throughout our markets and with the support of our investors we will continue to fulfill the leadership position for which Crescent has long been known.”


Anonymous said...

Charlotte is a very conservative city, with many people who have adopted backward ways of thinking. Face it...the city is fickle at best...Definitely caters to married people....not enough to do for singles. Truly lacks diversity. I mean really, when people come to Charlotte what is it for them to do.....Zilch. The city is void of culture and diversity. Where are the plethora of downtown cafes, downtown shopping, all night coffeehouses/ lounges of different genres...Its not here in Charlotte. And it is definitely not the next Austin, TX.

Anonymous said...

Good. If you don't like it move to Texas.

Anonymous said...

Charlotte does offer most of the things Anonymous #1 stated. The problem is finding them, then getting there and back.