$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.
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