Mountain Real Estate Capital Founder Celebrates 25th Years with North Pole Expedition
CHARLOTTE, N.C., Sept. 27, 2018 /PRNewswire-iReach/ -- Peter Fioretti walks a fine line between risk and reward, both in business and in life. Amazingly, he has also walked to the north pole, alongside his brother, Bob Fioretti. The two brothers set out on this treacherous expedition as a way to celebrate the 25th anniversary of Mountain Real Estate Capital, Peter's real estate investment firm with three locations nationwide. While most would find this type of celebration daunting, Peter and his brother's collective zest for life and adventure are simply part of their overall philosophy that filters throughout life and business.
"We've swum with sharks, gone on safari in Africa, walked over hot coals, gone skydiving from a biplane in Australia" – just to name a few of their exploits, said Peter.
Peter may be drawn toward risk in his spare time, and the same is true of his professional life. As a seemingly fearless individual, he has conquered the terrain of opportunistic real estate transactions, which is how he founded Mountain Real Estate Capital. The Charlotte based real estate investment firm specializes in the lending of capital to residential land developers and homebuilders throughout the United States. Originally entering into the business as a value-add lender, today the firm specializes in lending to home builders. The business of lending to this type of borrower is noted for its high-risk nature, since it is dependent upon the profits of home sales, which can often fluctuate and prove unpredictable in certain markets.
"We have created long-term relationships with real estate companies that can grow our partnership by producing a sustainable pipeline of opportunistic transactions," said Peter. "Throughout the years, I have always sought to partner with real estate companies who strive to be the best at what they do, and that focus has served me well," he said of his business success.
After a journey of 25 years and counting with his real estate investment firm, Peter felt it was time to embark on a journey of a different nature. One that was still incredibly risky, but personally gratifying, and certainly extraordinary.
Peter and his brother both had to train for an excruciating journey. Bob actually dragged a 35-to 45-pound tire around. The tire was connected to a chain or rope, which was strapped his body. This was to simulate the carrying of essential survival gear through the frigid and unforgiving landscape. After about two months of training, the brothers flew to Oslo, Norway, where they subsequently made their way to Svalbard, a Norwegian archipelago situated between mainland Norway and the North Pole. As one of the world's northernmost inhabited areas, Svalbard would be their last sight of civilization for several days to come.
After a quick stop in Svalbard, the two were en route to Barneo Ice Camp, which is a seasonal, Russian-operated drift station located on a sheet of Arctic sea ice. The camp has a relatively short operating season and has to be re-established every year, due to the constant movement of sea ice.
"One of the challenges is the ice is constantly moving," he said. "In fact, when you go to sleep, you may wake up miles away from where you were the night before. And, its not like there are signs pointing the way. Thus, the GPS is critical."
After arriving at Barneo Ice Camp, the men traveled for 4 days over about 40 miles on skis to the North Pole. This was done without the use of dogs or snowmobiles. They pulled their 50 lbs. of gear by sled – this was also their first time on cross country skis. Their guide, Eric Lillstrom of Polar Expeditions, shared that the brothers were the first to reach the North Pole in 2018. He also added that they are only two of an estimated 500 people to have ever made such an "unsupported" trip.
Much like his attitude towards his business ventures, Peter was bound and determined to complete his journey. When asked if he ever though about turning back, he replied with an ardent "no."
"Maybe before we actually went out to do it, we thought to ourselves, 'should we really be doing this?' But once we got out there, I just figured I started this, and I'm going to finish it," said Peter. "On the last day, we skied more than 12 hours, but we reached the "top of the world."
About Mountain Real Estate Capital (MREC)
Since 1993, Mountain Real Estate Capital ( http://www.mrec.com) has been a leading private equity source for real estate land developers and builders. MREC is headquartered in Charlotte, N.C. with offices in Minneapolis and San Diego. Since 2010, MREC has committed approximately $1B to acquire over 50,000 single family lots and 9,000 acres of developable land in over 400 communities in 20 states with 25 operating partners. These projects have projected revenues in excess of $5 billion. Since 2016 MREC's primary focus with its partners has been to deliver approved projects to homebuilders in strategic submarkets nationally. Sales have included entitled land, shovel-ready pods and developed lots to over half of the top 50 builders as compiled by Builder Magazine.
Media Contact: Bill Hess, The Hoyt Organization, 3103730103, [email protected]
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SOURCE Mountain Real Estate Capital
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