India, June 20 -- Five Point Holdings, LLC (FPH), Friday announced an agreement to acquire a controlling interest in the newly formed Hearthstone Residential Holdings, LLC. The financial details of the transaction have not been disclosed.
The new entity, which includes substantially all of the business and operations of Hearthstone, Inc., is designed to expand access to flexible, off-balance sheet capital for homebuilders pursuing land-light strategies.
As per the agreement, Hearthstone will contribute substantially all of its assets into the new venture, of which Five Point will own 75 percent, with the remaining retained by entities affiliated with Mark Porath, Hearthstone's CEO.
The company expects the acquisition to create new revenu...