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. The transaction is scheduled to close on November 30, 2018 or as soon after that as the conditions to the transaction are fulfilled. 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. Ms. Shah was also a key member of a special projects team directly accountable to Lennar’s CEO and Senior … Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Copyright © 2021 Lennar Corporation. 949-789-1633 - Phone 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. Irvine, CA 92618 Lennar's Rialto segment is a vertically integrated asset management platform focused on investing throughout the commercial real estate capital structure. 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. Advisory, Broker Dealers & Merchant Trading. Kramer Levin Naftalis and Frankel LLP acted as Stone Point's legal counsel. 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. 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. 305-559-4000 – Phone The firm has raised and managed seven private equity funds – the Trident Funds – with aggregate committed capital of approximately $19 billion. Previous press releases and further information about Lennar may be obtained at the "Investor Relations" section of Lennar's website, www.lennar.com. 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. In this role, Ms. Shah was responsible for underwriting all land purchases and managing assets in Florida and Texas. 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. Stone Point Capital is a leading private equity firm, investing in businesses within the global financial services industry. 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 can be obtained at the “Investor Relations” section of Lennar’s website, www.lennar.com. 2018, 700 N.W. The company is ranked 154th on the Fortune 500 as of 2019. 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 will retain its Rialto Mortgage Finance business, which Lennar expects will move into its financial services business at the beginning of fiscal 2019. The Company also moved its strategic investments from Homebuilding Other to the Lennar Other segment. 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. 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. 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. 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. Miami, FL 33172 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. 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. management and servicing and Rialto Mortgage Finance, a mortgage loan origination business which was launched in the fourth quarter of fiscal 2013. Ms. Shah joined Rialto Capital in 2009. 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. 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. 107th Avenue Lennar Corporation is a home construction and real estate company based in Fontainebleau, Florida, with a Miami postal address. Lennar’s Rialto segment is a vertically integrated asset management platform focused on investing throughout the commercial real estate capital structure. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. Lennar Corporation (NYSE: LEN and LEN.B) announced late … Prior to joining Rialto Capital, she worked for Lennar Corporation as of 2006 as a member of the Corporate Investment Committee (CIC). 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. Rialto Capital uses a solutions-oriented approach and endeavors to provide a best-in-class borrower experience. View original content:http://www.prnewswire.com/news-releases/lennar-agrees-to-sell-rialto-management-business-300739747.html, Back to Press Releases 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. 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 LEN has divested its Rialto Investment and Asset Management business segment to Stone Point Capital LLC, a private-equity firm, for $340 million. For more information about Lennar, please visit … In 2017 the company was the largest home construction company in the United States after its purchase of CalAtlantic Homes. Lennar's Financial Services segment provides mortgage financing, title insurance and closing services for both buyers of Lennar's homes and others. 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.”. Lennar will retain its Rialto Mortgage Finance business, which Lennar expects will move into its Financial Services business at the beginning of fiscal 2019. Additionally, the Company’s Rialto Mortgage Finance (“ RMF ”) business moved from the Lennar Other segment to the Financial Services segment. Computershare Investor Services, P.O Box 505000 Lennar Sells Rialto Unit for $340 Million Stone Point Capital buys Rialto Investement and Asset Management. We believe in simplifying your homebuying experience by including everything you need in a new home and community. 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. 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. 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 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. 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... | … realignment, the Company’s Rialto segment was renamed “Lennar Other”. Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. 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 is the largest homebuilder in the United States and is the parent company to Rialto Mortgage Finance (RMF). Lennar Mortgage offers a variety of home loan programs to fit a borrower's needs. The Rialto Investment and Asset Management Business will continue to be led by its current management. All rights reserved. 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