“We have a great relationship with H&H and are excited to have closed our second transaction together. We are proud to be their partner by providing attractive non-recourse financing through our model home sale leaseback program.” -- Edward Steffelin, President, STAC.
BALTIMORE (PRWEB) April 15, 2019
STAC Capital Management (“STAC”) today announced the closing of a second model home sale leaseback program with H&H Homes and the opportunistic acquisition of seven luxury residential condominium units at the Enclave at Borgata in Scottsdale, AZ. STAC focuses on opportunistic residential investment or financing opportunities, including model home purchases.
On March 29, 2019, STAC closed a $4 million model home "sale-leaseback" transaction with H&H Homes. In the transaction, STAC purchased the pool of model homes from H&H Homes and simultaneously entered into lease agreements allowing H&H Homes to utilize the home as sales offices for up to three years. The agreement allows H&H Homes to obtain attractive growth capital while reducing its exposure to fluctuations in housing prices. The portfolio is made up of 12 model homes throughout North and South Carolina.
“We have a great relationship with H&H and are excited to have closed our second transaction together,” said Edward Steffelin, President, STAC. “H&H Homes is a very well managed builder that is building in great markets. We are proud to be their partner and help them grow their business by providing attractive non-recourse financing through our model home sale leaseback program.”
“STAC moved quickly and decisively, providing us with additional capital and flexibility, and we expect to have a relationship with them for years to come,” stated Jack Rostetter, CEO of H&H Homes.
On March 1, 2019, STAC opportunistically purchased seven luxury condominium units in the Enclave at Borgata (“the Borgata”) in bulk and will sell them individually. The Borgata is a very well located project in Scottsdale and bordering Paradise Valley. At Lincoln Drive and Scottsdale Road, it is an excellent location and walkable to resorts and restaurants. It is an investment in the best condominium location in the greater Phoenix area.
STAC Capital’s senior management average over 20+ years of industry experience. As part of its investment strategy, STAC will offer select builders the opportunity to sell and leaseback portfolios of model homes. In 2018 STAC began to partner with a number of institutional capital sources to offer these homebuilders over $1 billion in growth capital. Please see http://www.staccap.com for more details.
About H&H Homes: Established in 1991 by Ralph and Linda Huff, H&H Homes was inspired to provide high-quality affordable new homes for military families serving at Fort Bragg in Fayetteville, NC. Today the company has grown to seven markets in the Carolinas and celebrated their 6000th homeowner in 2018. Recognized in major publications such as Builder Magazine for their excellence, H&H Homes is a customer-committed firm that takes pride in providing value by offering high-end quality and exceptional features to its homebuyers. For more information, please see http://www.hhhomes.com.
Share article on social media or email: