GreenPointe Holdings, LLC Announces Launch of GreenPointe Homes to Build on Acquired Homesites

JACKSONVILLE, Fla., Dec. 8, 2010 /PRNewswire/ -- GreenPointe Holdings, LLC, a diversified holding company founded in 2008 by Edward E. Burr to create and develop communities throughout the Southeastern U.S., announces the launch of its homebuilding division - GreenPointe Homes. The homebuilding division will complement the company's existing land acquisition division of GreenPointe Communities and its infrastructure division of GreenPointe Pathways, each of which work collaboratively to finance, acquire, restructure, create, build and manage residential master-planned communities. In 2010, GreenPointe Holdings and its divisions collectively acquired nearly 7,000 homesites in six master-planned communities, 75 acres of commercial land and two championship golf courses throughout Florida for approximately $29 million.

"GreenPointe Holdings is in a unique position to operate without the burden of failed projects and excessive debt from distressed real estate assets that many developers and builders currently face," said Burr, GreenPointe Holdings president and CEO. Burr is the founder and former CEO of the LandMar Group, a leader in the creation of award-winning master-planned communities throughout Florida and Coastal Georgia. "The launch of GreenPointe Homes will allow us to capitalize on our strategic land purchases by providing homes to the marketplace."

Former Pulte Homes executive David Smith is leading GreenPointe Homes alongside Paul Wyatt, vice president of construction, and Vicki Bratvold, president of GreenPointe Realty. Together, the team has built and sold more than 24,000 homes and earned numerous J.D. Power and Associates awards for Excellence in Customer Satisfaction. GreenPointe Homes will offer its first homes for sale to the public at Cedar Bay, a community located in Jacksonville, Fla., planned to include 153 single-family homes priced from $160,000.

Cedar Bay in Jacksonville is one of six master-planned communities purchased by GreenPointe Holdings and its divisions in 2010. GreenPointe Communities, led by former COO of the LandMar Group Roger Postlethwaite, has acquired five additional master-planned communities in Florida, including Heron's Walk in Jacksonville, Fla., Southern Hills Plantation in Brooksville, Fla., River Hall in Ft. Myers, Fla. and Belmont and Triple Creek in Tampa, Fla. Plans for future development of the communities are currently underway.

More information about GreenPointe Holdings is available online at www.greenpointellc.com.

SOURCE GreenPointe Holdings, LLC