|By PR Newswire||
|September 3, 2014 08:45 AM EDT||
PLANO, Texas, Sept. 3, 2014 /PRNewswire/ -- The BR Homebuilding Group, L.P., a newly formed holding company founded by long-time homebuilding veteran Bobby Ray, today announced the acquisition of award-winning Scott Felder Homes, based in Austin, Texas. Scott Felder Homes builds in 19 communities throughout the Austin and San Antonio, Texas areas. In the twelve months ending December 31, 2014, Scott Felder Homes is expected to have revenues of approximately $130 million on 265 home closings. Scott Felder Homes owns or controls over 1,000 finished lots.
Scott Felder Homes was named Homebuilder of the Year in Texas in 2012 and 2013 and was named Homebuilder of the Year in Austin in 2012, 2013, and 2014. The Austin and San Antonio operations will continue to build under the prestigious Scott Felder Homes' name. Co-founder Scott Felder will have a consulting agreement with the company, and co-founder Steve Krassoff will continue as president in charge of all homebuilding operations of Scott Felder Homes.
"We are excited to bring Scott Felder Homes into our group as our first acquisition," Ray said. "Scott Felder Homes sets a high standard with an outstanding reputation, a profitable business model, and an experienced management team. This acquisition will provide a platform for our further growth in Texas."
United Development Funding IV (NASDAQ: UDF), a Texas-based residential development finance REIT that provides capital solutions to homebuilders and developers, will provide a portion of the acquisition financing through a note which can be converted into an equity interest in the homebuilder. UDF IV COO Stacey Dwyer commented, "Participating in the acquisition financing with BR Homebuilding Group allows UDF IV to remain focused on its core lending business, while the conversion feature also provides our shareholders the potential upside of a homebuilder investment. We continue to believe that the homebuilding industry is in a multi-year recovery that will be driven by jobs and economic improvement, dynamics that are already in place in the Austin and San Antonio markets. Scott Felder Homes is one of the best homebuilders in the industry and reflects the quality of our relationships."
Scott Felder Homes President Steve Krassoff said, "The BR Homebuilding Group is a perfect fit for our company as we grow. BR Homebuilding Group's executives complement our Scott Felder Homes' team. BR Homebuilding brings a broad array of homebuilding and capital market experience. We look forward to the synergies of our relationship with UDF IV and the access to capital and finished lots."
Bobby Ray, President of BR Homebuilding Group, L.P., is a trustee of UDF IV, and Hollis Greenlaw, the CEO and a trustee of UDF IV, is an investor in BR Homebuilding Group, L.P.
About BR Homebuilding Group
BR Homebuilding Group was formed in 2014 to conduct homebuilding operations in the largest homebuilding markets of Texas, Florida, North Carolina, South Carolina and Georgia. Entry into those markets may be through acquisitions of successful and seasoned homebuilding companies or through new start-up operations. Bobby Ray, a prominent homebuilding executive, is the CEO and Chairman, as well as one of the founders. Michael Moore, CFO, is an accomplished financial executive with extensive experience working as a consultant and as the CFO of one of the nation's largest private builders.
About Scott Felder Homes
Scott Felder Homes is one of the premier homebuilders of Central Texas, with a reputation for integrity, diversity, outstanding customer service and attention to detail. Scott Felder Homes has been honored with the "Volume Builder of the Year" award in 2012, 2013 and 2014 by the Homebuilders Association of Greater Austin and in 2012 and 2013 by the Texas Association of Builders.
About United Development Funding IV
United Development Funding IV is a publicly traded Maryland real estate investment trust listed on The NASDAQ Global Select Market. UDF IV was formed primarily to generate current interest income by investing in secured loans and producing profits from investments in residential real estate. Additional information about UDF IV can be found on its website at www.udfiv.com. UDF IV may disseminate important information regarding its operations, including financial information, through social media platforms such as Twitter, Facebook and LinkedIn.
BR Homebuilding Group
United Development Funding IV
SOURCE BR Homebuilding Group, L.P.
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