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LandSource Communities Emerges From Chapter 11 As Newhall Land Development
by ranch-river | Aug 3, 2009 | News
LOS ANGELES (BUSINESS WIRE) — LandSource Communities Development LLC has emerged from Chapter 11 reorganization as Newhall Land Development LLC.
The new company is financially strong with more than $90 million of cash and no debt on its beginning balance sheet. Newhall Land will have the additional resources and financial flexibility necessary to focus on planning and developing the remainder of the existing community of Valencia and the future Newhall Ranch.
The company consists primarily of the Newhall Land and Farming Company in Los Angeles County, the Newhall Orchard, Valencia Water Company, and the TPC Valencia Golf Club.
Newhall Land is backed by strong ownership that consists of a group of investment funds led by Anchorage Advisors LLC, Third Avenue Management LLC, funds affiliated with Och-Ziff Capital Management Group, LLC, funds affiliated with Marathon Asset Management, LP and TPG Credit Management, L.P., along with Lennar Corp.
Newhall Land will be managed by Emile Haddad, the CEO of Five Point Communities Management, Inc., a newly formed management company jointly owned by Mr. Haddad and Lennar.
Mr. Haddad resigned as Lennar's Chief Investment Officer to assume his new duties at Five Point and will be joined by more than 20 former Lennar executives. Five Point will augment Newhall's existing strong management team, which has more than 150 years of combined real estate and land development experience.
"I know that all of the new equity owners of Newhall share our excitement about this investment opportunity," said Michael Winer of Third Avenue Management LLC. "We look forward to partnering with Five Point and Newhall Management as they embark on developing Newhall Ranch."
Mr. Haddad said: "Today marks an important day in Newhall Land's future. We are extremely pleased that we were able to complete our reorganization with the full support of our creditors and emerge as a stronger company. Newhall now has an unleveraged balance sheet, sufficient cash to fund operations going forward and is well positioned to navigate this unprecedented market.
"Newhall Land is proud of its 100-year tradition of land stewardship and its community of Valencia, a world-class master plan development with more than 20,000 homes built and 60,000 current jobs," Mr. Haddad said.
"Tomorrow we will roll up our sleeves and focus full attention on bringing final neighborhoods and 40,000 additional new jobs to Valencia and perfecting Newhall Ranch entitlements," Mr. Haddad said.
"Newhall Ranch, when completed, will be a hallmark for planned communities providing North Los Angeles County with an additional 20,000 homes and almost 20,000 jobs. Together Valencia and Newhall Ranch will have an employment base of approximately 120,000 permanent jobs," Mr. Haddad said.
About Newhall Land Development LLC
Newhall Land Development LLC's primary investment is The Newhall Land and Farming Company which owns 15,000 acres of land in the rapidly growing Santa Clarita Valley, approximately 30 miles north of downtown Los Angeles. Newhall owns some of the last remaining large, undeveloped land in the greater Los Angeles area. It also owns 700 acres of commercial land and other property in the Santa Clarita Valley.
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