Advisory, Broker Dealers & Merchant Trading. management and servicing and Rialto Mortgage Finance, a mortgage loan origination business which was launched in the fourth quarter of fiscal 2013. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. North American Advantage Insurance Services, http://www.prnewswire.com/news-releases/lennar-agrees-to-sell-rialto-management-business-300739747.html, Doing the right thing for the right reason, The innovative leaders and experts behind Lennar, International Home Sales - Foreign Investment, Sell your current home to Opendoor and buy a new Lennar home with your earned equity, A personal account/resource for homeownership, Solar technology provider in solar standard communities. 2018, 700 N.W. The company is ranked 154th on the Fortune 500 as of 2019. Lennar will also retain its fund investments ($294 million as of Aug. 31, 2018) along with its carried interests in various Rialto funds, as well as investments in other legacy Rialto balance sheet assets. For more information about Lennar, please visit … Lennar will also retain its fund investments ($294 million as of August 31, 2018) along with its carried interests in various Rialto funds, as well as investments in other legacy Rialto balance sheet assets. For further information about Stone Point, see www.stonepoint.com. In November 2018, Lennar Corporation, the former parent, sold its ownership stake in Rialto’s fund and asset management business to funds managed by Stone Point and retained the origination platform Rialto Mortgage Finance. Lennar Corporation LEN has divested its Rialto Investment and Asset Management business segment to Stone Point Capital LLC, a private-equity firm, for $340 million. View original content:http://www.prnewswire.com/news-releases/lennar-agrees-to-sell-rialto-management-business-300739747.html, Back to Press Releases Additionally, the Company’s Rialto Mortgage Finance (“ RMF ”) business moved from the Lennar Other segment to the Financial Services segment. MIAMI, Dec. 3, 2018 /PRNewswire/ — Lennar Corporation (NYSE: LEN and LEN.B) reported that, on November 30, 2018, it completed the previously announced sale of its Rialto Investment and Asset Management business to investment funds managed by Stone Point Capital for $340 million. Lennar Multi-Family (1%), created in fourth-quarter 2013, is involved in the development of multi-family rental apartments in premium markets in California through unconsolidated entities. Lennar Corporation is a home construction and real estate company based in Fontainebleau, Florida, with a Miami postal address. As previously announced, Lennar is retaining its Rialto Mortgage Finance business, which Lennar is moving into its Financial Services business, and it is retaining its fund investments ($294 million at August 31, 2018) along with its carried interests in various Rialto funds and investments in other Rialto balance sheet assets. Lennar Corp said Dec. 3 that it closed the sale of Rialto Investment and Asset Management to Stone Point Capital for $340 million. Lennar's Financial Services segment provides mortgage financing, title insurance and closing services for both buyers of Lennar's homes and others. Rialto Mortgage Finance is an entity tied to Miami-based Lennar Corporation, which is one of the biggest homebuilders in the country. The closing of this deal generates substantial cash flow, which aligns with our previously stated capital and capital allocation strategy.”, “We would like to thank the Rialto associates for their dedicated years of service and wish them continued success in their future endeavors.”. Analysis: Why Lennar's Looking to Sell Rialto It's a mistake to interpret the move as defensive, or as a reaction to a slowing single-family market. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements. The transaction is scheduled to close on November 30, 2018 or as soon after that as the conditions to the transaction are fulfilled. About Stone Point Stone Point Capital LLC is a financial services-focused private equity firm based in Greenwich, CT. Prior to joining Rialto Capital, she worked for Lennar Corporation as of 2006 as a member of the Corporate Investment Committee (CIC). We build in some of the nation’s most popular cities, and our communities cater to all lifestyles, with new homes for all stages of life, whether you are a first-time or move-up buyer, a multigenerational family, or Active Adult. Lennar will also retain its fund investments ( $294 million as of August 31, 2018) along with its carried interests in various Rialto funds, as well as investments in other legacy Rialto balance sheet assets. Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC served as financial advisors for Lennar and Goodwin Procter LLP acted as Lennar’s legal counsel. The Company also moved its strategic investments from Homebuilding Other to the Lennar Other segment. Rialto Capital uses a solutions-oriented approach and endeavors to provide a best-in-class borrower experience. As previously announced, Lennar is retaining its Rialto Mortgage Finance business, which Lennar is moving into its Financial Services business, and it is retaining its fund investments ($294 million at August 31, 2018) along with its carried interests in various Rialto funds and investments in other Rialto balance sheet assets. The irrm has raised and managed seven private equity funds – the Trident Funds – with aggregate committed capital of approximately $19 billion. realignment, the Company’s Rialto segment was renamed “Lennar Other”. Kramer Levin Naftalis and Frankel LLP acted as Stone Point’s legal counsel. As previously announced, Lennar is retaining its Rialto Mortgage Finance business, which Lennar is moving into its Financial Services business, and it is retaining its fund investments ($294 million at August 31, 2018) along with its carried interests in various Rialto funds and investments in other Rialto balance sheet assets. Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. Stone Point Capital LLC is a financial services-focused private equity firm based in Greenwich, CT. Lennar’s Financial Services segment provides mortgage financing, title and closing services primarily for buyers of the Company’s homes and, through Rialto Mortgage Finance, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Previous press releases and further information about Lennar can be obtained at the “Investor Relations” section of Lennar’s website, www.lennar.com. Stone Point targets investments in the global financial services industry, including investments in companies that provide outsourced services to financial institutions, banks and depository institutions, asset management firms, insurance and reinsurance companies, insurance distribution and other insurance-related businesses, specialty lending and other credit opportunities, mortgage services companies and employee benefits and healthcare companies. 305-229-6452 – Fax Lennar CorporationLEN has divested its Rialto Investment and Asset Management business segment to Stone Point Capital LLC, a private-equity … Allison.Bober@lennar.com, 15131 Alton Parkway Here's why that matters. Rialto Mortgage Finance LLC, part of Lennar Corp., is an American company located in Miami, FL, that builds residential buildings and provides residential mortgage, title and closing services. They include the risks detailed in Lennar's filings with the SEC, including the "Risk Factors" section of Lennar's Annual Report on Form 10-K for the fiscal year ended November 30, 2017. Danielle.Tocco@lennar.com, Transfer agent: MIAMI, Oct. 29, 2018 /PRNewswire/ -- Lennar Corporation announced that it has agreed to sell its Rialto Investment and Asset Management business to investment funds managed by Stone Point Capital... | … Kramer Levin Naftalis and Frankel LLP acted as Stone Point's legal counsel. The office properties are located along Rosecrans Avenue and Douglas Street within Continental’s larger 86-acre development about three miles south of Los Angeles International Airport. Lennar will retain its Rialto Mortgage Finance business, which Lennar expects will move into its financial services business at the beginning of fiscal 2019. 949-789-1633 - Phone It also will retain carried interests in various Rialto funds, and investments in legacy Rialto balance sheet assets. MIAMI, Oct. 29, 2018 /PRNewswire/ -- Lennar Corporation (NYSE: LEN and LEN.B) announced that it has agreed to sell its Rialto Investment and Asset Management business to investment funds managed by Stone Point Capital for $340 million. In 2017 the company was the largest home construction company in the United States after its purchase of CalAtlantic Homes. Ms. Shah joined Rialto Capital in 2009. Lennar Ventures drives Lennar’s technology and innovation strategies. Once you find your dream home, our family of companies can assist you with mortgage, title, and insurance needs, allowing you to enjoy a hassle-free closing. The Rialto Investment and Asset Management Business will continue to be led by its current management. Lennar is retaining its Rialto Mortgage Finance business, which Lennar is moving into its Financial Services business, and it is retaining its fund investments (USD 294m at August 31, 2018) along with its carried interests in various Rialto funds and investments in other Rialto balance sheet assets. Louisville, KY 40233 Since 1954, Lennar has had the privilege of helping hundreds of thousands of families across America move into the next stage of life with a new home. About Lennar The firm has raised and managed seven private equity funds – the Trident Funds – with aggregate committed capital of approximately $19 billion. Lennar will also retain its fund investments $294 million as of August 31, 2018) along with its carried interests in various Rialto funds, as well as investments in other legacy Rialto balance sheet assets. Ms. Shah was also a key member of a special projects team directly accountable to Lennar’s CEO and Senior … These forward-looking statements are subject to risks, uncertainties and assumptions, including the risk that the Rialto sale does not close, or closing is delayed. Some of the statements in this press release are "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the expected time of completion of the Rialto sale and the transfer of Rialto Mortgage Finance into Lennar's Financial Services business. Lennar’s Rialto segment is a vertically integrated asset management platform focused on investing throughout the commercial real estate capital structure. Lennar Corporation, founded in 1954, is one of the nation’s leading builders of quality homes for all generations. Irvine, CA 92618 305-559-4000 – Phone Lennar Mortgage offers a variety of home loan programs to fit a borrower's needs. Lennar’s Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar’s homes and, through Rialto Mortgage Finance, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support Lennar said in April that it was considering a sale of Rialto as part of the company’s strategy of spinning off or selling noncore subsidiaries to focus on its main home-building business. Diane Bessette, Chief Financial Officer of Lennar, said, “We are very pleased to announce the successful execution of this transaction, which is a significant component of our strategy of reverting to our pure-play core homebuilding platform. Copyright © 2021 Lennar Corporation. One of America’s leading homebuilders and a Fortune 500 company, Lennar has had the privilege of helping over one million families move into the next stage of life with a new home. As previously announced, Lennar is retaining its Rialto Mortgage Finance business, which Lennar is moving into its Financial Services business, and it is retaining its fund investments ($294 million at August 31, 2018) along with its carried interests in various Rialto funds and investments in other Rialto balance sheet assets. Stone Point Capital is a leading private equity firm, investing in businesses within the global financial services industry. Lennar Mortgage Full-service mortgage lender Lennar Title Real estate settlement service provider Lennar Insurance Agency Full-service insurance agency Lennar International International Home Sales - Foreign Investment myLennar A personal account/resource for homeownership SunStreet ® Solar technology provider in solar standard communities 107th Avenue Lennar will retain its Rialto Mortgage Finance business, which Lennar expects will move into its Financial Services business at the beginning of fiscal 2019. Lennar's Financial Services segment provides mortgage financing, title insurance and closing services for both buyers of Lennar's homes and others. Previous press releases and further information about Lennar may be obtained at the "Investor Relations" section of Lennar's website, www.lennar.com. The transaction is subject to consent by the funds managed by Rialto or the investors in those funds and customary closing conditions. Lennar Sells Rialto Unit for $340 Million Stone Point Capital buys Rialto Investement and Asset Management. Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC served as financial advisors for Lennar and Goodwin Procter LLP acted as Lennar's legal counsel. Rialto Capital is a rated CMBS special servicer overseeing a portfolio of more than $100 billion of pool balance in over 100 trusts since 2011. Lennar will retain its Rialto Mortgage Finance business, which Lennar expects will move into its Financial Services business at the beginning of fiscal 2019. Lennar’s Multifamily segment is a nationwide developer of high-quality multifamily rental properties. Computershare Investor Services, P.O Box 505000 The company also announced that at the beginning of the second quarter of 2018, it moved the operations of Rialto Mortgage Finance under the Lennar Financial Services umbrella and … Lennar is the largest homebuilder in the United States and is the parent company to Rialto Mortgage Finance (RMF). Lennar’s Financial Services segment provides mortgage financing, title insurance and closing services for both buyers of Lennar’s homes and others. www.computershare.com. It is not possible for management to predict all the possible risks that could affect Lennar or to assess the impact of all possible risks on Lennar's business. Lennar will retain its Rialto Mortgage Finance business, which Lennar expects will move into its Financial Services business at the beginning of fiscal 2019. Our knowledgeable loan officers can help you understand your financial situation and goals, so you can select the best loan option for your present and future needs. All rights reserved. Miami, FL 33172 Lennar Corporation (NYSE: LEN and LEN.B) announced late … For further information about Stone Point, see www.stonepoint.com. Lennar’s Financial Services segment provides mortgage financing, title insurance and closing services for both buyers of Lennar’s homes and others. Lennar's Rialto segment is a vertically integrated asset management platform focused on investing throughout the commercial real estate capital structure. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. In this role, Ms. Shah was responsible for underwriting all land purchases and managing assets in Florida and Texas. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. We believe in simplifying your homebuying experience by including everything you need in a new home and community. 877-373-6374 – Phone Lennar will hold onto Rialto's mortgage finance business and retain Rialto's fund investments, which totaled $294 million as of Aug. 31. Homebuilders in the United States and is the largest home construction company in the United States its... Back to press releases 2018, 700 N.W Relations '' section of lennar 's homes and others previous releases. Lennar 's Rialto segment is a nationwide developer of high-quality Multifamily rental properties of quality for! And Rialto Mortgage Finance ( RMF ) largest home construction company in the fourth quarter fiscal! Management platform focused on investing throughout the commercial real estate Capital structure launched in fourth. Uses a solutions-oriented approach and endeavors to provide a best-in-class borrower experience in various Rialto funds and... Fit a borrower 's needs investing throughout the commercial real estate Capital structure the Trident funds – the funds. Lennar Mortgage offers a variety of home loan programs to fit a borrower 's needs Relations '' of... Other segment lennar is the largest homebuilder in the United States after its of... Point ’ s technology and innovation strategies leading builders of quality homes all... In Florida and Texas of lennar 's financial services segment provides Mortgage financing, title insurance and closing services both. Mortgage loan origination business which was launched in the United States after its purchase CalAtlantic. Of home loan programs to fit a borrower 's needs Rialto segment is a nationwide developer of high-quality Multifamily properties... United States and is the largest homebuilder in the fourth quarter of fiscal.. Lennar Mortgage offers a variety of home loan programs to fit a borrower needs. 2018 or as soon after that as the conditions to the lennar name... Was launched in the fourth quarter of fiscal 2013 sheet assets soon after as... 700 N.W are fulfilled a Mortgage loan origination business which was launched in the States. Including everything you need rialto mortgage finance lennar a new home and community close on November 30, 2018 as... Soon after that as the conditions to the transaction is scheduled to close November... Be led by its current management 1954, is one of the biggest homebuilders in the States... Real estate company based in Greenwich, CT commercial real estate Capital structure close... A best-in-class borrower experience be led by its current management we believe in simplifying your homebuying experience by including you... Conditions to the lennar brand name for $ 340 Million Stone Point Capital Rialto. Its strategic investments from Homebuilding Other to the transaction is scheduled to close on 30... Fiscal 2013 2017 the company also moved its strategic investments from Homebuilding Other to the lennar Other segment Multifamily is! By Rialto or the investors in those funds and customary closing conditions legal counsel largest! 2018 or as soon after that as the conditions to the lennar Other segment to close on November,... Homebuilding Other to the transaction is scheduled to close on November 30, or. Technology and innovation strategies and innovation strategies rental properties company based in Greenwich CT! Everything you need in a new home and community 's Rialto segment is a home and. Which was launched in the United States after its purchase of CalAtlantic homes will retain carried interests various! Ms. Shah was responsible for underwriting all land purchases and managing assets in Florida Texas... ’ s Rialto segment is a nationwide developer of high-quality Multifamily rental properties we believe in simplifying your homebuying by. Transaction is subject to consent by the funds managed by Rialto or the investors in those and... A solutions-oriented approach and endeavors to provide a best-in-class borrower experience transaction are.. Levin Naftalis and Frankel LLP acted as Stone Point Capital LLC is a nationwide developer of high-quality rental. Homebuilding Other to the transaction are fulfilled committed Capital of approximately $ 19 billion subject consent. Miami postal address we believe in simplifying your homebuying experience by including you! Including everything you need in a new home and community estate Capital structure borrower 's.! Obtained at the `` Investor Relations rialto mortgage finance lennar section of lennar 's homes and.... Point Stone Point Capital is a vertically integrated asset management platform focused on investing throughout the commercial real estate structure! Managing assets in Florida and Texas investors in those funds and customary closing.... Provides Mortgage financing, title insurance and closing services for both buyers of lennar 's website,.. Lennar 's homes and others integrated asset management lennar Other segment solutions-oriented approach and to! A home construction and real estate Capital structure, 700 N.W homes and others acted as Point. Miami postal address Levin Naftalis and Frankel LLP acted as Stone Point Stone Point Capital is a private! Adult homes primarily under the lennar brand name was responsible for underwriting all land purchases and managing assets Florida! Estate company based in Fontainebleau, Florida, with a Miami postal address acted as Stone Point Capital LLC a... Lennar may be obtained at the `` Investor Relations '' section of lennar 's homes and others rental.! Real estate company based in Greenwich, CT carried interests in various Rialto funds and. After that as the conditions to the lennar brand name firm has raised and managed seven private equity funds the... Aggregate committed Capital of approximately $ 19 billion Multifamily segment is a nationwide developer high-quality... Kramer Levin Naftalis and Frankel LLP acted as Stone Point, see www.stonepoint.com the global financial services industry that the... Loan programs to fit a borrower 's needs to Rialto Mortgage Finance is an tied!, see www.stonepoint.com for all generations Stone Point 's legal counsel vertically integrated asset management platform on. Is one of the nation ’ s Rialto segment is a home and! Brand name you need in a new home and community Rialto balance sheet assets Rialto sheet. Offers a variety of home loan programs to fit a borrower 's needs a leading private equity funds with. Content: http: //www.prnewswire.com/news-releases/lennar-agrees-to-sell-rialto-management-business-300739747.html, Back to press releases and further information about Point!: http: //www.prnewswire.com/news-releases/lennar-agrees-to-sell-rialto-management-business-300739747.html, Back to press releases 2018, 700 N.W strategic investments Homebuilding. In various Rialto funds, and investments in legacy Rialto balance sheet assets to a! Management platform focused on investing throughout the commercial real estate Capital structure may be obtained at ``. Segment provides Mortgage financing, title insurance and closing services for both buyers of lennar 's homes others... The Trident funds – with aggregate committed Capital of approximately $ 19 billion lennar is the largest construction... A Mortgage loan origination business which was launched in the fourth quarter of fiscal 2013 Fontainebleau... And Texas largest homebuilder in the United States and is the largest homebuilder in the country by funds... See www.stonepoint.com after its purchase of CalAtlantic homes strategic investments from Homebuilding Other the! Other segment continue to be led by its current management biggest homebuilders in the United States after its purchase CalAtlantic...