New Valley Purchases Secured Palm Springs Community Loan
New Valley Purchases Secured Palm Springs Community Loan
March 26, 2008 at 12:00 AM EDT
NEW VALLEY PURCHASES SECURED PALM SPRINGS COMMUNITY LOANMIAMI, FL, March 26, 2008 – Vector Group Ltd. (NYSE: VGR) today announced that an affiliate of its New Valley LLC subsidiary has purchased a loan secured by a substantial portion of a 450-acre approved master planned community in Palm Springs, California known as “Escena.” The loan, which is currently in foreclosure, was purchased for approximately $21,400,000.
The borrowers are Escena-PSC, LLC and Palm Springs Classic, LLC, a joint venture of Lennar Homes of California, Inc and Empire Land, LLC. Lennar Homes is an affiliate of Lennar Corporation (NYSE: LEN). The project consists of 867 substantially completed residential lots with site and public infrastructure, a fully operational 18-hole Nicklaus Signature golf course, a substantially completed clubhouse, and a 450-room hotel site on seven acres of land.
Vector Group is a holding company that indirectly owns Liggett Group LLC, Vector Tobacco Inc. and New Valley LLC. Additional information concerning the company is available on the company’s website, www.VectorGroupLtd.com.
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Contact:
Paul Caminiti/Carrie Bloom/Jonathan Doorley
Sard Verbinnen & Co
212/687 - 8080
The borrowers are Escena-PSC, LLC and Palm Springs Classic, LLC, a joint venture of Lennar Homes of California, Inc and Empire Land, LLC. Lennar Homes is an affiliate of Lennar Corporation (NYSE: LEN). The project consists of 867 substantially completed residential lots with site and public infrastructure, a fully operational 18-hole Nicklaus Signature golf course, a substantially completed clubhouse, and a 450-room hotel site on seven acres of land.
Vector Group is a holding company that indirectly owns Liggett Group LLC, Vector Tobacco Inc. and New Valley LLC. Additional information concerning the company is available on the company’s website, www.VectorGroupLtd.com.
# # #
Contact:
Paul Caminiti/Carrie Bloom/Jonathan Doorley
Sard Verbinnen & Co
212/687 - 8080