Five Point to acquire controlling interest in Hearthstone Venture
Five Point Holdings announced it has entered into a definitive agreement to acquire a controlling interest in a newly formed entity that will include substantially all of the business and operations of Hearthstone, a provider of capital solutions to the U.S. homebuilding industry. The new entity, Hearthstone Residential Holdings, will be 75% owned by Five Point, with the remaining 25% retained by entities affiliated with Hearthstone's Founder and CEO Mark Porath. The venture is designed to expand flexible, off-balance sheet capital for homebuilders. The acquisition is expected to close by the end of the third quarter.
