Friday, July 22, 2005 | 11:11 a.m.
Focus Property Group said on Thursday that is placed $408 million into escrow to close its purchase of 1,710 acres in a February Bureau of Land Management auction.
Along with the $102 million paid on the date of the auction, the transaction totaled $510 million. Focus said it completed the deal with a consortium of home builders, including KB Home, Kimball Hill Homes, Lennar/US Home, Meritage Homes, Pulte Homes, Ryland Homes, Toll Brothers Homes and Woodside Homes.
At the same time, the group closed $490 million in acquisition and development financing from lenders led by Wachovia Bank and Wachovia Capital Markets LLC, Focus said in a statement.
Focus estimated that builders would be ready to open model homes in the development by late 2007.
The land -- referred to as the to as the Kyle Canyon Gateway parcel -- is in the northwest section of the city of Las Vegas, north of the Las Vegas Beltway on both sides of U.S. 95.
Including the latest purchase, Focus and Chief Executive John Ritter have spent more than $1.3 billion on federal land auctions since November 2002.
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