MoFo is representing Sekisui House, Ltd., Japan's leading homebuilder and diversified developer, in its announced acquisition of U.S. homebuilder Chesmar Homes, LLC., a leading developer of single-family homes in Texas, with operations in Houston, San Antonio, Austin, and Dallas – Fort Worth.
The company owns and controls over 6,000 lots and closed 2,082 homes in 2021. Chesmar, additionally, offers mortgage and title services through its subsidiaries, CLM Mortgage Inc. and N Title Inc. The transaction is expected to take place in two stages, with an initial closing for Chesmar's homebuilding business on July 1, 2022 and second closing for Chesmar's mortgage and title services businesses on December 30, 2022. The estimated purchase price is expected to be approximately $514 million.
The cross-office, interdisciplinary MoFo team is led by Tokyo Corporate partner Randy Laxer and Real Estate partner Josh Isenberg, and supported by Tokyo associates Adam Harris, Max Sternberg, Matthew Blair, Ani Hamparsumyan, and Ning Ning, as well as Los Angeles associates Joseph Gillman and Brian Kwak.
Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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