LandSource Communities $1.55 billion credit facility to launch Tuesday

By Sara Rosenberg

New York, Jan. 25 - LandSource Communities Development LLC is scheduled to hold a bank meeting on Tuesday to launch its proposed $1.55 billion credit facility, according to a market source.

Barclays is the lead bank on the deal.

The facility consists of a $200 million revolver talked at Libor plus 275 basis points, a $1.05 billion term loan B talked at Libor plus 300 bps and a $300 million second-lien term loan talked in the Libor plus low-to-mid 400 bps area, the source said.

LandSource is a joint venture between Lennar Corp. and LNR Property Corp., and recently the two companies agreed to admit a new partner into the venture, MW Housing Partners. The transaction with MW is expected to close in February.

LandSource's primary investment is The Newhall Land and Farming Co., which owns 15,000 acres of land in Santa Clarita Valley, Calif.

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