$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...
Representation of Oleta Partners, LLC, a joint venture comprised of affiliates of the LeFrak Organization and Turnberry Associates, in the successful negotiation of the long-term ground lease and complicated leasehold financing for a 185-acre brownfields redevelopment site in the City of North Miami...
Representation of the Official Committee of Unsecured Creditors in the chapter 11 case of Poinciana Development, a developer of more than 500 single family homes in Southwest Miami-Dade County, Florida, who ran out of construction financing and was unable complete the development of the last 34 home...