As previously announced, Lennar is retaining its Rialto Mortgage Finance business, which Lennar is moving into its Financial Services business, and it is retaining its fund investments ($294 million at August 31, 2018) along with its carried interests in various Rialto funds and investments in other Rialto balance sheet assets. management and servicing and Rialto Mortgage Finance, a mortgage loan origination business which was launched in the fourth quarter of fiscal 2013. As previously announced, Lennar is retaining its Rialto Mortgage Finance business, which Lennar is moving into its Financial Services business, and it is retaining its fund investments ($294 million at August 31, 2018) along with its carried interests in various Rialto funds and investments in other Rialto balance sheet assets. realignment, the Company’s Rialto segment was renamed “Lennar Other”. Lennar will retain its Rialto Mortgage Finance business, which Lennar expects will move into its Financial Services business at the beginning of fiscal 2019. One of America’s leading homebuilders and a Fortune 500 company, Lennar has had the privilege of helping over one million families move into the next stage of life with a new home. Lennar’s Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar’s homes and, through Rialto Mortgage Finance, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. The closing of this deal generates substantial cash flow, which aligns with our previously stated capital and capital allocation strategy.”, “We would like to thank the Rialto associates for their dedicated years of service and wish them continued success in their future endeavors.”. Lennar’s Multifamily segment is a nationwide developer of high-quality multifamily rental properties. Here's why that matters. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar’s Financial Services segment provides mortgage financing, title insurance and closing services for both buyers of Lennar’s homes and others. The transaction is subject to consent by the funds managed by Rialto or the investors in those funds and customary closing conditions. Rialto Mortgage Finance is an entity tied to Miami-based Lennar Corporation, which is one of the biggest homebuilders in the country. Lennar Mortgage Full-service mortgage lender Lennar Title Real estate settlement service provider Lennar Insurance Agency Full-service insurance agency Lennar International International Home Sales - Foreign Investment myLennar A personal account/resource for homeownership SunStreet ® Solar technology provider in solar standard communities Allison.Bober@lennar.com, 15131 Alton Parkway Lennar will hold onto Rialto's mortgage finance business and retain Rialto's fund investments, which totaled $294 million as of Aug. 31. Lennar Sells Rialto Unit for $340 Million Stone Point Capital buys Rialto Investement and Asset Management. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support Stone Point Capital LLC is a financial services-focused private equity firm based in Greenwich, CT. These forward-looking statements are subject to risks, uncertainties and assumptions, including the risk that the Rialto sale does not close, or closing is delayed. All rights reserved. MIAMI, Oct. 29, 2018 /PRNewswire/ -- Lennar Corporation (NYSE: LEN and LEN.B) announced that it has agreed to sell its Rialto Investment and Asset Management business to investment funds managed by Stone Point Capital for $340 million. Stone Point Capital is a leading private equity firm, investing in businesses within the global financial services industry. Lennar Multi-Family (1%), created in fourth-quarter 2013, is involved in the development of multi-family rental apartments in premium markets in California through unconsolidated entities. Kramer Levin Naftalis and Frankel LLP acted as Stone Point’s legal counsel. The company also announced that at the beginning of the second quarter of 2018, it moved the operations of Rialto Mortgage Finance under the Lennar Financial Services umbrella and … www.computershare.com. 305-559-4000 – Phone In November 2018, Lennar Corporation, the former parent, sold its ownership stake in Rialto’s fund and asset management business to funds managed by Stone Point and retained the origination platform Rialto Mortgage Finance. Stone Point targets investments in the global financial services industry, including investments in companies that provide outsourced services to financial institutions, banks and depository institutions, asset management firms, insurance and reinsurance companies, insurance distribution and other insurance-related businesses, specialty lending and other credit opportunities, mortgage services companies and employee benefits and healthcare companies. The irrm has raised and managed seven private equity funds – the Trident Funds – with aggregate committed capital of approximately $19 billion. Lennar’s Financial Services segment provides mortgage financing, title and closing services primarily for buyers of the Company’s homes and, through Rialto Mortgage Finance, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Rialto Capital uses a solutions-oriented approach and endeavors to provide a best-in-class borrower experience. Lennar Corporation, founded in 1954, is one of the nation’s leading builders of quality homes for all generations. Lennar Corporation LEN has divested its Rialto Investment and Asset Management business segment to Stone Point Capital LLC, a private-equity firm, for $340 million. Once you find your dream home, our family of companies can assist you with mortgage, title, and insurance needs, allowing you to enjoy a hassle-free closing. 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