NetworkNewsBreaks – Mountain Top Properties Inc.
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Posted On: 03/01/2024 3:38:41 PM
NetworkNewsBreaks – Mountain Top Properties Inc. (MTPP) to Tap into Resilient Hamptons’ Real Estate Market
Mountain Top Properties (OTC: MTPP) is a diversified real estate holding company focused on building, acquiring, marketing, and operating assets through its wholly owned affiliates. The company is looking to tap into the strength of the high-end real estate market in the Hamptons. “Despite a high interest rate environment, Hamptons-based real estate has shown remarkable resilience over the past year… Despite seeing a 26% decline in year-over-year sales of individual properties, homes priced between $1 million and $3.5 million – which have historically accounted for the lion share of Hamptons’ property transactions, only witnessed a 21% decline,” a recent article reads. “Through its Mountain Top Capital Fund I, Mountain Top Realty has sought to raise $75 million to acquire, renovate and remarket homes in the Hamptons; in recent weeks, the company has revealed plans to conduct a Regulation A offering, which will seek to raise up to $10 million in gross proceeds, destined to be deployed in support of the company’s real estate development plans. This will come on top of the fund’s existing debt capital foray, which has seen the fund receive commitments amounting to 70% of their anticipated real estate acquisition costs as well as a further 100% of the planned construction costs, a figure which the company will seek to complement with the upcoming equity raising exercise. Mountain Top Realty will partner with On Site Builder Construction Co. Inc., as the design partner in its ambitious Hamptons-focused endeavor.”
NOTE TO INVESTORS: The latest news and updates relating to MTPP are available in the company’s newsroom at https://nnw.fm/MTPP
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Mountain Top Properties (OTC: MTPP) is a diversified real estate holding company focused on building, acquiring, marketing, and operating assets through its wholly owned affiliates. The company is looking to tap into the strength of the high-end real estate market in the Hamptons. “Despite a high interest rate environment, Hamptons-based real estate has shown remarkable resilience over the past year… Despite seeing a 26% decline in year-over-year sales of individual properties, homes priced between $1 million and $3.5 million – which have historically accounted for the lion share of Hamptons’ property transactions, only witnessed a 21% decline,” a recent article reads. “Through its Mountain Top Capital Fund I, Mountain Top Realty has sought to raise $75 million to acquire, renovate and remarket homes in the Hamptons; in recent weeks, the company has revealed plans to conduct a Regulation A offering, which will seek to raise up to $10 million in gross proceeds, destined to be deployed in support of the company’s real estate development plans. This will come on top of the fund’s existing debt capital foray, which has seen the fund receive commitments amounting to 70% of their anticipated real estate acquisition costs as well as a further 100% of the planned construction costs, a figure which the company will seek to complement with the upcoming equity raising exercise. Mountain Top Realty will partner with On Site Builder Construction Co. Inc., as the design partner in its ambitious Hamptons-focused endeavor.”
NOTE TO INVESTORS: The latest news and updates relating to MTPP are available in the company’s newsroom at https://nnw.fm/MTPP
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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