$500 Million Acquisition of Jacksonville-Based Homebuilder

Lennar Homes

Representation of Lennar Homes in its acquisition of Admiral Homes, LLC, a Jacksonville, Florida-based homebuilder, and all of its assets, existing projects, and contracted projects, valued at over $500 million. The complex transaction, which closed over a two-day period due to the creative restructuring and financing requirements, involved the assets of seven sellers and three distinct types of property.. The first part of the transaction included the acquisition of the homebuilding business and home sites in over a dozen communities located in three counties, in which Admiral Homes built homes, townhomes and condominium projects. The second part of the transaction involved parcels in different communities in various stages of the development process. The final part of the transaction involved the assignment of option contracts to acquire parcels in various stages of entitlements and development.

Brian L. Bilzin
Founder, Counsel
Adam D. Lustig
Practice Group Leader, Real Estate
Handled the sale of over 2,000 REOs, with aggregate purchase prices in the billions of dollars, through both the negotiation and closing of individual sales and the structuring and sale by auction of multiple properties. The largest was approximately $216 million, which was the sale of a major hotel...
Analyzed cleanup strategies in order to resolve soil and contamination issues on homebuilder client’s property in Broward County, Florida. Negotiation with the Broward County Environmental Protection Division to obtain a restrictive covenant to allow for residential development on the property.
Representation of real estate investment company in connection with the environmental investigation and remediation plan for a five acre residential community and golf course. Successfully determined scope of assessment and provided recommendations for final remediation plan while representing clien...