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homes

Taylor Morrison in Joint Venture to Acquire Marblehead

Taylor Morrison Home Corporation announced that it has formed a joint venture with its two largest shareholders, funds managed by Oaktree Capital Management, L.P. and TPG to acquire and develop Marblehead, a prestigious coastal residential development in San Clemente, California. Marblehead consists of 195.5 coastal acres and can accommodate over 300 luxury home sites.

The joint venture partners have entered into a purchase and sale agreement for the Marblehead site with LV Marblehead, a subsidiary owned by Lehman Brothers Holdings Inc. The acquisition of the site, which is subject to customary closing conditions, is expected to occur in April 2014. Home construction in the community is expected to begin in 2015.

A subsidiary of Taylor Morrison and affiliates of Oaktree and TPG will each be capital partners in the joint venture. In addition, Taylor Morrison is the partner responsible for land development and homebuilding on the Marblehead site.

“Marblehead is a truly unique site and one of the last undeveloped tracts of coastal land in California. It presents a tremendous opportunity that will deepen our land inventory of exceptional sites and further our standard of building high-quality homes in premier locations across North America,” said Sheryl Palmer, President and CEO of Taylor Morrison. “For Taylor Morrison, this venture reflects our objectives of strategically utilizing our strong balance sheet, selectively investing in our land portfolio to meet future demand and providing continued returns for our shareholders.”

“Taylor Morrison is excited to partner with long-time investors Oaktree and TPG on such an important and landmark endeavor like Marblehead. Oaktree and TPG’s continued investment in Taylor Morrison showcases their confidence in our long-term vision, and we are delighted to further expand our relationship through this joint venture,” Palmer concluded.

Jason Keller of Oaktree stated, “Oaktree is always looking for premier real estate opportunities with first class partners. Our long-standing relationship with TPG and our belief that Taylor Morrison is the right developer and builder to execute on this remarkable site, makes this the perfect fit.”

Jamie Sholem of TPG Real Estate stated, “This transaction highlights Taylor Morrison’s ability to execute quality investments while leveraging existing relationships. TPG is fortunate to have great partners in Oaktree and Taylor Morrison, and we look forward to the development of this truly unique coastal California site.”

Headquartered in Scottsdale, Taylor Morrison Home Corporation operates in the U.S. under the Taylor Morrison and Darling Homes brands and in Canada under the Monarch brand. Taylor Morrison is a builder and developer of single-family detached and attached homes, serving a wide array of customers including first-time, move-up, luxury and active adult customers. Taylor Morrison divisions operate in Arizona, California, Colorado, Florida and Texas. Darling Homes serves move-up and luxury homebuyers in Texas. Monarch, Canada’s oldest homebuilder, builds homes for first-time and move-up buyers in Toronto and Ottawa as well as high rise condominiums in Toronto.

Sheryl Palmer

Sheryl Palmer – 50 Most Influential Women in Arizona Business

Sheryl Palmer – President and CEO, Taylor Morrison Homes

Palmer became president and CEO in August 2007 after serving as executive vice president for the western region of Morrison Homes. She brings more than 20 years of experience to her position, including leadership in land acquisition, sales and marketing, development and operations management. In April, Palmer helped her Scottsdale-based company raise $526 million through its initial public offering of 28.6 million shares.

Surprising fact: “I started my career at McDonald’s and the high point was being the ‘Hamburglar’ and popping out of Ray Kroc’s birthday cake at the (San Diego) Padres’ stadium.”

Biggest challenge: “Overcoming what was potentially a life-threatening health issue and maintaining perspective on what’s important.”

Fifty Most Influential Women in Arizona Business – Every year in its July/August issue Arizona Business Magazine features 50 women who make an impact on Arizona business. To see the full list, read the digital issue >>

Sheryl Palmer

Taylor Morrison debuts as publicly traded company

Shares of Taylor Morrison Home Corp. are rising in its debut as a publicly traded company. The homebuilder’s entry on the New York Stock Exchange comes on the same day that another homebuilder filed for an initial public offering, further proof that companies are riding the continued housing recovery back to the public markets.

Taylor Morrison’s stock gained $1.27, or 5.8 percent, to $23.27 Wednesday morning. The initial public offering of 23.8 million shares was priced at $22 each, the high end of its expected range.

The company’s IPO follows homebuilder TRI Pointe Homes Inc. in January, real estate investor Silver Bay Realty Trust Corp. in December and real estate services provider Realogy Holdings Inc. in October.

And on Wednesday William Lyon Homes said in a regulatory filing that it plans to raise up to $200 million from a proposed IPO. It did not disclose how many shares would be in the offering, or what the expected price range would be.

Recent data has shown a strengthening housing market. Job gains and mortgage rates near record lows have helped lift home sales, more than six years after the housing market began to collapse.

Taylor Morrison’s offering raised $523.6 million. The banks managing the deal may buy more 3.6 million shares, adding to the proceeds. The company said in a filing with the Securities and Exchange Commission that after the IPO it plans to sell up to $500 million in debt for general corporate purposes.

The Scottsdale company operates its namesake brand and Darling Homes in the U.S. and Monarch in Canada. It booked $1.44 billion in revenue last year and closed on 4,014 homes. The company sells homes ranging from $120,000 to more than $1 million, targeting first- and second-time buyers.

Taylor Morrison is trading on the NYSE under the “TMHC” ticker symbol.

taylor morrison

Eller, Lane Join Taylor Morrison Board

Taylor Morrison, the largest North American privately owned homebuilder in the U.S., announced that home building industry veteran Tim Eller and Valerus CEO Peter Lane are joining its board of directors, with Eller to serve as chairman of the board.

As chairman, Eller succeeds Rajath Shourie of Oaktree Capital and Kelvin Davis of TPG Capital, who served as co-chairs. Both Shourie and Davis will remain as directors, while Avi Banyasz of TPG has resigned his seat on the board.

“We’re very pleased to add Tim and Peter to our board of directors,” said Taylor Morrison President and CEO Sheryl Palmer. “Their knowledge and industry experience will prove to be invaluable assets as we continue to capitalize on market opportunities and grow our U.S. and Canadian operations.”

With more than 40 years of industry experience, Eller currently serves as principal of Cordalla Capital, LLC, directing major investments in real estate and related businesses. He is also CEO of Tegrity Homes, Cordalla’s home building subsidiary. Prior to Cordalla Capital, Eller served in various industry roles, including president, chairman and CEO of Centex Corporation; president and CEO of Centex Homes; and board vice chairman of PulteGroup Inc. Eller currently serves as a director for BuildLinks; is an advisory board member of Encore Housing Opportunity Fund, a private equity fund; and is a life trustee of the National Housing Endowment.

Eller is also past-chairman of the Policy Advisory Board for Harvard University’s Joint Center for Housing Studies, and served as chairman of the High Production Home Builders Council of the National Association of Home Builders from 1998 to 2009.

Lane currently serves as CEO of Valerus, an oil and gas business headquartered in Houston, Texas. Prior to joining Valerus, Lane was a partner in the operations group of TPG. Prior to TPG, Lane spent 12 years with Bain & Company, leading the Dallas and Mexico City offices, as well as the oil and gas practice. He began his career with Schlumberger as an engineer and operations manager. Lane also serves on the boards of Valerus and Petro Harvester.

For more information about Taylor Morrison or Monarch, please visit www.taylormorrison.com and www.monarchgroup.net.