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HORSHAM, Pa., Feb. 15, 2013 (GLOBE NEWSWIRE) -- Gibraltar Capital and Asset Management, LLC ("Gibraltar") (
www.gibraltarcapital.net ), a wholly owned subsidiary of Toll Brothers, Inc. (
www.tollbrothers.com ), today announced the recent closing of four separate transactions with three selling institutions, each of which represents a new relationship for Gibraltar.
The transactions, which were completed between November 2012 and February 2013, totaled over $33 million, which represents a significant increase in Toll Brothers' investment in Gibraltar and a significant discount to the unpaid principal balance of loans acquired. Three of the transactions were wholly-owned Gibraltar purchases, and the fourth represented a participation interest by Gibraltar in the purchase of a loan portfolio. The loans are secured by retail shopping centers, residential land and golf courses located in Florida, Pennsylvania, Arizona, Maryland, Massachusetts, Minnesota and Georgia.
Douglas C. Yearley, chief executive officer of Toll Brothers, stated: "These transactions reflect Gibraltar's continuing ability to generate alternative revenues for Toll Brothers and source new opportunities to acquire acquisition, development and construction (ADC) and commercial 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 across residential and commercial asset classes, 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.
Information presented herein for the fourth quarter and fiscal year ended October 31, 2012 is subject to finalization of the Company's regulatory filings, related financial and accounting reporting procedures and external auditor procedures.