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Lennar-affiliated Calif. communities combine to form FivePoint Holdings

Four California mixed-use communities and their management companyhave combined to form a new entity that will own interests in and manage the developments.Lennar Corp. is the largestinvestor in the developer, FivePoint Holdings LLC.

Lennar, which owned stakes in each of the properties — NewhallRanch in Los Angeles County, Great Park Neighborhoods in Irvine, and San FranciscoShipyard and Candlestick Point in San Francisco — and the management company, amendedits agreement related to the combination to allow it to proceed without FivePointhaving to complete an IPO, as was originally contemplated last summer.

Other key investors in the developer include Castlelake LP, AnchorageCapital LLC, FivePoint Chairman and CEO Emile Haddad, Third Avenue Management LLC,Och-Ziff Capital Management Group, and Marathon Asset Management LP.

The mixed-use communities will offer a total of about 40,000residential homes and 20 million square feet of commercial space. They will alsofeature roughly 15,000 acres of public parks and open space, as well as 10 primaryand secondary schools. Each community will provide affordable housing, with an aggregateof about 6,000 homes planned.

Haddad said in a release that the communities have been in planningand development for about 10 years.

FivePoint will also manage other long-term, master-planned communitiesowned by Lennar in California, including Treasure Island.