Colorado’s Real Capital Solutions Strikes Gold in Lee County by Teaming Up with Cameratta Companies

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Colorado’s Real Capital Solutions Strikes Gold in Lee County by Teaming Up with Cameratta Companies

Cash in Hand, Quick Due Diligence, On-the-Spot Closing Key to RCS’ Winning Strategy in New Market Reality

FORT MYERS, Florida 30 June 2010—Colorado based REAL CAPITAL SOLUTIONS (RCS), one of the nation’s most experienced, well-capitalized real estate investment companies, and a trailblazer in the hot asset class of real estate, announced today it had closed on two major Lee County assets for the combined value of $30 million with Fort Myers-based CAMERATTA COMPANIES (Cameratta). The first deal involved the purchase of a construction loan for 76 units that remain to be sold by Cameratta at the luxury High Point Place condominium development in Fort Myers; the second involved the acquisition of 511 acres of entitled land in Estero, Florida, known as The Preserve at Corkscrew. RCS also has a pending contract for its acquisition for First Street Village – Fort Myers, an eight acre entitled mixed use site.

High Point Place is a five-tower, 32-story, 273-unit condo ideally located near the Fort Myers’ historical Edison/Ford estates, and newly constructed First Street Village Publix supermarket, and sits along the southerly bank of the Caloosahatchee River, on the west side of the city’s revitalized downtown and has direct roadway access to West First Street.

“High Point is a tremendous investment opportunity for us, but the true asset in this deal is Joe and his organization, one of a few surviving developers in Florida who managed to keep his project, fully fund the HOA reserves, receive Fannie Mae approval and continue to sell units during one of the worst recessions in history,” said Marcel Arsenault, CEO of the 25-year old Real Capital Solutions and its predecessor. “He has agreed to remain as the original developer to oversee the asset and sell the remaining inventory and we will capitalize on his market expertise, knowledge of the project, tenacious personality and loyalty to his homeowners to successfully sellout the remaining inventory.” Also acquired was The Preserve at Corkscrew – 511 acres of entitled land in Estero’s Corkscrew Road. RCS made the investment and Cameratta Companies will develop the land and sell lots.

“This deal, accomplished via a note purchase from a well-known bank syndicate, marks RCS’ first land acquisition in Southwest Florida and the first with our company,” said Joe Cameratta, scion of his family’s 29-year old real estate development business. “It is a good day for our organization and for the greater Fort Myers/Estero area when a proven investor of the stature of Marcel Arsenault bets on the future of your community.”

Real Capital Solutions has caught the attention of many in the industry after calling the market crash in 2006 and going to cash. The company sold nearly $300 million of the firm’s apartment, retail and office investments throughout the United States —about 80% of the company’s 140 properties. As of year-end 2009, with cash in hand when cash is king, the company has acquired $155 million of residential projects in Arizona, Florida and Colorado. RCS is now targeting an additional $500 million to recover value lost in non-performing assets and in distressed markets across the country through its three focused initiatives: Condo Capital Solutions, Homebuilder Capital Solutions, and Apartment Capital Solutions.

“People are watching what we do because they know that although most banks have more money than us, they don’t have the experience, expertise, or wherewithal to act and close quickly. They don’t know how to fix the pipes, keep the swimming pool from growing algae or deal with Homeowners Associations,” said Arsenault. “But that’s exactly what we do, and that makes the capital we can provide in this economic downturn attractive to developers, builders, and banks.”