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Joint Venture Acquires 141 Finished Lots in Cathedral City, CA
HG Capital, LLC is pleased to announce the acquisition of 141 finished lots within a gated community in Cathedral City, California. Over the last 18 months, HG Capital ("HG") has acquired approximately 1,400 residential lots in California. The Cathedral City lots were purchased in June 2009 in a joint venture with Global Investment and Development, LLC ("GID"), a Los Angeles based land development company.
Located within the Campanile community, the Cathedral City lots benefit from an on-site park, recreation center, and swimming pool. The community also has excellent retail and freeway access and is located in
The acquisition price was approximately 30% of the outstanding debt balance. For the all-cash purchase, HG provided 95% of the capital required. HG and GID plan to hold the asset in their long term investment portfolio and ultimately sell to a homebuilder.
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