Torrance, CA – November 30, 2011 – (RealEstateRama) — Mountain Real Estate Group (www.mountainregroup.com), a leading buyer of distressed bank assets and a private capital source for real estate developers, builders and operators, has made a key strategic move in its national expansion plan by opening up a New York office. Located at 50 Main Street in the business district of White Plains, Mountain’s new office is the firm’s eighth regional office in the U.S. Rodney Montag, who has more than 25 years of commercial real estate development, homebuilding and investment market experience, will head the New York operation.
“Rodney’s reputation is well known in our industry and he brings a wealth of high-level experience to help push our brand well into the Eastern seaboard,” said Peter Fioretti, Mountain’s chief executive officer. “A New York presence is a major advancement in Mountain’s overall business plan and continued national expansion. Rodney’s outstanding development and homebuilding track record is steeped in success and his banking and development background will prove to be a valuable tool for our work throughout the region while also adding to the firm’s national platform.”
Montag recently joined the firm’s equity investment arm, Mountain Real Estate Capital. Previously, he held senior positions at Cantor Fitzgerald and WCI Communities where he worked in real estate development, homebuilding and investment banking. To date, he has been involved in the acquisition and development of over 40 projects totaling over 6,000 residential units with a sellout value of over $3 billion. Montag’s deep experience in the structuring of complex residential development projects will allow Mountain to continue to expand their portfolio acquisition and builder joint venture businesses, particularly with New York’s money center banks and more prominent developers.
Mountain was founded in 1993 and has since become a leading private capital source for real estate developers, builders and operators seeking to enhance value in their existing projects or to take advantage of new opportunities. Headquartered in Charlotte, N.C., Mountain’s homebuilder joint venture and asset management group is based in Minneapolis, while its national origination and asset management teams have additional offices in Atlanta, Los Angeles, Richmond, Newport Beach, Washington, D.C. and now NYC. Since 2010, MREC has purchased over $900 million of bank notes and assets in 10 states, encompassing over 12,000 lots/homes and 9,000 acres with projected sales exceeding $1.2 billion. Mountain’s in-house underwriting and asset management teams are composed mostly of former GMAC REO professionals whose group it acquired in 2009.
About Mountain Real Estate Group
Since 1993, The Mountain Real Estate Group has been a leading private capital source for real estate developers, builders and operators seeking to enhance value in their existing projects or to take advantage of new opportunities. In the current environment, developers and builders have been teaming up with Mountain Real Estate Capital nationally to capitalize on the opportunities currently available, either through the restructure of their existing equity or debt arrangements or the joint purchase of a newly identified distressed opportunity. Mountain’s equity fund is organized to invest up to $1 billion in these types of opportunities. For more information, visit www.mountainregroup.com.
