Senators Offering Is Oversubscribed
Senators Lewes, LP, a partnership sponsored by Jack Lingo Asset Management, a Delaware based realestate development and asset management firm, announces closing of more than $11 million in equity andgroundbreaking for 229 home Senators project.
Senators Lewes, LP, a partnership sponsored by Jack Lingo Asset Management(JLAM), a Rehoboth Beach, Delaware based real estate development and asset management firm, ispleased to announce the acquisition and project groundbreaking of a 229 single family home community inLewes, Delaware known as Senators.
JLAM completed a private placement, securing more than $11 million in equity capital from a combinationof high net worth and institutional investors. The offering was oversubscribed.
The partnership will install the entire community infrastructure, amenities, manage all other landdevelopment activities, and has entered into a lot purchase agreement with the region’s premierhomebuilder. The project is off to a tremendous start, with more than 40 homes being sold(pre-construction), demonstrating the excellent timing and execution of the project’s design and launch. New home deliveries are set to begin in the summer of 2013.
Jack Lingo Asset Management represents a broad range of capital sources, including high net worth andinstitutional investors. JLAM focuses on creating value at each stage of the development process, whileleveraging the team’s 100+ years of combined real estate and finance experience, to deliver successfulprojects and generate positive returns.
JLAM is currently setting plans in motion for future investment projects in the Delmarva region to continuecapitalizing on the recovering market and meet growing investor demand for land developmentopportunities.
For more information on the company and its portfolio, please visit www.jlamre.com