Redden Ridge Offering Is Oversubscribed
REHOBOTH, Del. – Oct. 27, 2014
Redden Ridge, LP, a partnership sponsored by Jack Lingo Asset Management (JLAM), a Rehoboth Beach, Delaware based real estate development and asset management firm, is pleased to announce the acquisition of a planned 84 single family home community in Rehoboth Beach, Delaware known as Redden Ridge.
JLAM completed a private placement, securing more than $6 million in equity capital from a combination of high net worth and institutional investors. The offering was oversubscribed.
The property was approved as part of a bonus density program, and as the first project to purchase density since the program was adopted it brings $300,000 to fund open space preservation in Sussex County, Delaware. Prior to its acquisition, JLAM secured all county and state agency approvals for the development of the property
The partnership will install the community infrastructure, amenities, manage all other land development activities, and has entered into a lot purchase agreement with NVR, Inc (NV Homes). The project site construction will begin in November of this year, with new home construction slated to commence in the spring of 2015.
Jack Lingo Asset Management is the market leader in land entitlement and development activities. Through a series of investment programs it represents a broad range of capital sources, including high net worth and institutional investors. JLAM focuses on creating value at each stage of the development process, while leveraging the team’s 100+ years of combined real estate and finance experience, to deliver successful projects and generate positive returns.
JLAM is currently setting plans in motion for future investment projects in the Delmarva region to continue capitalizing on the recovering market and meet growing investor demand for land development opportunities.
For more information on the company and its portfolio, please visit www.jlamre.com.