Jack Lingo Asset Management Closes on Senators Investment; Breaks Ground
JACK LINGO ASSET MANAGEMENT SENATORS OFFERING IS OVERSUBSCRIBED
Senators Lewes, LP, a partnership sponsored by Jack Lingo Asset Management (JLAM), a Rehoboth Beach, Delaware based real estate development and asset management firm, is pleased to announce the acquisition and project groundbreaking of a 229 single family home community in Lewes, Delaware known as Senators.
JLAM completed a private placement, securing more than $11 million in equity capital from a combination of high net worth and institutional investors. The offering was oversubscribed.
The partnership will install the entire community infrastructure, amenities, manage all other land development activities, and has entered into a lot purchase agreement with the region’s premier homebuilder. The project is off to a tremendous start, with more than 40 homes being sold (pre-construction), demonstrating the excellent timing and execution of the project’s design and launch. New home deliveries are set to begin in the summer of 2013.
Jack Lingo Asset Management represents a broad range of capital sources, including high net worth and institutional investors. JLAM focuses on creating value at each stage of the development process, while leveraging the team’s 100+ years of combined real estate and finance experience, to deliver successful projects and generate positive returns.
JLAM is currently setting plans in motion for future investment projects in the Delmarva region to continue capitalizing on the recovering market and meet growing investor demand for land development opportunities.
For more information on the company and its portfolio, please visit www.jacklingoam.com.
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