A part of Rehoboth Beach-based Jack Lingo Asset Management has raised $15 million for development of a home community in the Lewes area.
Showfield Lewes, LP, also announced the acquisition of a planned 166 lot single family home community in Lewes, known as Showfield.
The private placement secured more than $15 million in equity capital from a combination of high net worth and private fund investors.
The Showfield community is designed to provide buyers with large lots in a location near Cape Henlopen State Park, downtown Lewes, the Atlantic Ocean, and Delaware Bay.
The community will feature a clubhouse renovated from a historic horse barn, wooded walking trails, and numerous ponds. Prior to its acquisition, JLAM secured county and state agency approvals for the development of the property, a release stated.
The partnership will install the community infrastructure, amenities and manage all other land development activities.
Jack Lingo – Realtor will serve as the exclusive listing agent to market and sell lots. Site work will begin in November of this year, and interested parties can begin making lot reservations in the near future. Further information is available at www.showfieldde.com.
Jack Lingo Asset Management uses a series of investment programs it represents a broad range of capital sources, including high net worth and institutional investors to acquire and manage properties.
JLAM is currently working on future investment projects in the Delmarva region to continue capitalizing on the recovering market and meet growing investor demand for land development opportunities.
