Carwin Advisors Selected to Manage McCar Homes Incorporated (MHI) Housing and Lot Inventory Throughout the Southeast U.S.
August 2, 2010
DALLAS, TEXAS. Carwin Advisors today announced they have been selected to manage the portfolio of residential projects formerly owned by McCar Homes (MHI). Carwin was engaged by a syndicated lender group. Carwin will physically manage several projects in the Atlanta, Charlotte, Greenville (SC), and Raleigh metro markets as well as several smaller communities. At the same time, Carwin will develop a disposition strategy to manage and sell inventory to generate maximum value for its owners.
The portfolio totals over 500 homes and lots throughout North Carolina, South Carolina and Georgia and includes inventory at every level of completion. Prior to this foreclosure, MHI served the ‘move-up’ new home market in several markets in the Southeast.
The lender group is comprised of some of the country’s largest banks. Carwin was selected because of the firm’s deep operational expertise in the Southeast as well as its track record on similar projects nationally. In the Southeast Carwin’s advisory team has, on-average, over twenty years of successful experience in land acquisition & development, homebuilding operations, golf course construction and operation, and commercial development.
Patrick Vedra, Managing Director of Carwin Advisors, said, “As always, it is our pleasure to work for some of the country’s most recognized financial institutions to tackle a complex and geographically-broad portfolio.”
In 2009, Carwin Advisors successfully led another syndicated lender group through the Chapter 11 bankruptcy and reorganization of a large, privately held homebuilder in the Las Vegas Valley. In what is considered unprecedented for the homebuilding industry, Rhodes Homes operated under bankruptcy protection for one year and successfully emerged on April 1, 2010.
About Carwin Advisors:
Carwin Advisors, a Winchester Carlisle Company, is a national full-service real estate advisory firm specializing in solving complex problems and working with multiple stakeholders in the restructuring, turnaround, management and disposition of residential, commercial, and mixed-use real estate assets, portfolios, and companies. Headquartered in Dallas, Texas, Carwin Advisors operates throughout the U.S., with offices in Houston, Phoenix, Las Vegas, Charlotte, and Atlanta. For more information please visit carwinadvisors.com.