HORSHAM, Pa., Oct. 3, 2011 (GLOBE NEWSWIRE) -- Gibraltar Capital and Asset Management, LLC ("Gibraltar"), a wholly owned subsidiary of Toll Brothers, Inc., today announced the closing of three private transactions with large financial institutions.
The transactions involved the purchase of 38 non-performing loans, the combined outstanding balance of which is approximately $71.4 million. The assets are located in six states and the average loan balance is approximately $1.9 million. The portfolios include residential acquisition, development, and construction loans secured by properties at various stages of completion.
Roger A. Brush, president of Gibraltar Capital and Asset Management, stated: "With our specialized skills in the valuation and management of distressed real estate development assets, we have now completed transactions totaling approximately $2.0 billion. We continue to seek opportunities to leverage Gibraltar's skills with Toll Brothers' expertise, relationships, well-known brand name, nationwide presence, and capital. Gibraltar has demonstrated the ability to complete transactions, on its own and in partnership, from as large as $1.7 billion to as small as several million dollars, and we continue to pursue complex transactions where we can maximize the value of underperforming real estate assets."
About Toll Brothers and Gibraltar Capital
Toll Brothers, Inc. (NYSE:TOL) (www.tollbrothers.com) is the nation's leading builder of luxury homes. The Company began business in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol "TOL." The Company serves move-up, empty-nester, active-adult, and second-home home buyers and operates in 19 states and 50 markets.
Toll Brothers builds luxury single-family detached and attached home communities, master planned luxury residential resort-style golf communities, and urban low-, mid-, and high-rise communities, principally on land it develops and improves.
Gibraltar Capital and Asset Management LLC, (www.gibraltarcapital.net), a wholly owned subsidiary of Toll Brothers, Inc., was formed to pursue and provide a broad range of real estate acquisition and investment opportunities and services. These include the acquisition and disposition of loans and property portfolios, the development of sites for sale, providing assistance to banks and developers in the workout of troubled assets, and a myriad of other potential investments where its and Toll Brothers' capabilities and capital access can add value. Gibraltar's senior management team combines expertise in real estate, distressed acquisitions and workouts, land development, and finance.
CONTACT: For Toll Brothers/Gibraltar
Frederick N. Cooper (215) 938-8312
[email protected]