CHINO, Calif., June 7, 2017 /PRNewswire/ -- Trumark Communities, a residential land development platform for award-winning developer Trumark Companies, has acquired an 823 lot master-planned community in Chino, California through a public foreclosure auction on the steps of San Bernardino County Courthouse on Thursday, June 1st.
Trumark Communities' opening credit bid of $2.1 million was unchallenged by any qualified bidders at the auction and represented only a portion of the $10.4 million in defaulted notes owned by the company on the property. Concurrent with the acquisition of this 270-acre property, Trumark negotiated a two-year extension on an additional $19 million loan that was also in default on the property.
"I am very proud of our team's focus and tenacity in this distressed acquisition and recapitalization of such a strategically located property in one of the highest commuter corridors in Southern California," said Peter Kiesecker, Chief Operation Officer at Trumark Communities. "An impressive master-planned community, Rancho Miramonte will offer a variety of new homes in an undersupplied core market."
Featuring 823 homes in eleven different neighborhoods, Rancho Miramonte is a master-planned community that will eventually feature a clubhouse, pool, neighborhood parks, trails and significant open space along its perimeter.
"We are thrilled to expand our footprint in Southern California, particularly in Chino," said Michael Maples, Co-Founder of Trumark Companies. "With its close commute proximity to Orange County buyers and desirable fleet of amenities, we are confident that homes in this community will be highly sought after. We are eager to advance the construction process and introduce an unmatched master-planned community in the Chino region."
This purchase marks the first "court house steps" acquisition for Trumark Communities and will add to the greater Trumark portfolio growing across Southern California. Doug Jorritsma and Winn Galloway of Land Advisors Organization also contributed to the transaction.
Trumark is also active in Southern California with communities Tribella in Santa Ana and Bristol in Chino Hills, which are both currently selling. Founders, another new Trumark community in Chino Hills, is set to break ground this summer.
About Trumark Communities
Trumark Communities is a residential land development platform focused on acquiring, developing and selling improved lots in master planned communities. Its current pipeline includes 1,500+ lots representing total projected lot sale revenue in excess of $250 million. Trumark Communities realized lot sales to builders of over $250 million in 2015 and 2016. www.trumarkcommunities.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/trumark-communities-winning-bidder-at-public-auction-for-master-planned-community-of-823-lots-in-chino-california-300470749.html
SOURCE Trumark Communities