Lathrop CA (PRWEB) August 28, 2009
GG Land Group (http://www.gglandgroup.com), an Illinois based development company has concluded its acquisition of homes, finished lots and semi-finished lots from the Bank of America for a purchase price of $3.9 Million. GG Land Group has entitled over 10,000 residential lots in Northern California in the past decade and syndicated those projects to many of the national and regional builders. "With the state of the economy and the housing market in particular, it makes more financial sense to buy existing product rather than to entitle new developments" stated GG Land Group CEO, Tom Galuski.
Bank of America had funded the development loan to a regional builder that became a victim of the housing slump. The Bank of America had sought to liquidate this development out of their REO portfolio. "With this development consisting of homes, lots and semi-finished lots, the marketing of this development was not easy in this fiscal environment. GG Land Groups expertise and professionalism made this transaction a model for other REO dispositions to follow" remarked Derek Hinson, a bank spokesman.
GG Land Group will precede to sale the existing homes while marketing the finished lots to builders who are now beginning to re-enter the housing market. Additionally, GG Land Group will continue to aggressively pursue other subdivisions that are for sale throughout California. "We hope to acquire an additional 1,000 lots by the end of the year" said Michael Carouba, GG Land Group's Vice President of Acquisitions.
GG Land Group is a comprehnsive estate development company who currently owns/controls land in California, Hawaii and Illinois. The GGLG approach involves finding and cultivating relationships with land owners, engineers and governmental officials. By maintaining these relationships, GGLG can more effectively mitigate risk and keep resources and process track and on time.
For additional information about the subject of this release or GG Land Group contact Andrew Johnsos at 773-255-0118