Press

REAL ESTATE LOG: New owners give TLC to Clovis development

By Bonhia Lee
Run Date: April 1, 2011

The new owners of an abandoned Clovis housing development wasted no time revitalizing the project after tearing down four partially built homes that were left to rot. Benchmark Communities, the construction division of Union Community Partners LLC, built a long-awaited security wall around the Patriot Homes community at Shaw and Locan avenues six weeks ago.

The company, based in Morgan Hill, recently finished street improvements along Shaw Avenue and within the development. Landscaping was put in around the wall, and the sales team just closed on the sale of its first home.

The development, once known for the two large houses that sat unfinished along Shaw avenue, is now almost unrecognizable.

“One of the neat things about this project is seeing it come out of the ashes,” said Scott Schilling, chief operating officer for Benchmark.

The development went into bankruptcy last year with 10 homes in some stage of construction and 57 empty lots.

Benchmark bought the property to finish construction of the existing homes and sell them before moving on to a new project. The empty lots will be developed by a different builder.

Patriot Homes is Benchmark’s first project in the Fresno area. The company plans to build homes across the street in the Loma Vista community next year.

Help for homebuyers

The city of Clovis is offering eligible homebuyers help with down payments.

The city’s new down payment mortgage assistance program offers homebuyers the chance to receive up to $100,000 in a silent second mortgage. It can be used as a down payment on the purchase of a home up to $200,000.

A silent second mortgage funds the difference between the purchase price of the house and the first mortgage. The monthly loan payments on the mortgage are postponed for the first 30 years as long as the homebuyer remains in the house.

But there is a catch. Homebuyers have to qualify for a first mortgage loan, complete a homeownership course and have good credit and a stable income. The annual gross income of a family of four cannot exceed $44,650.

Homebuyers have to hurry. A limited amount of money is available.

The city received $800,000 in state funds to help homebuyers, said Andy Haussler, the city’s housing program manager. He expects the program to help about 15 buyers.

Homebuyers interested in the program can call the Clovis Community Development Agency at (559) 324-2080.

Fresno real estate

The Economic Development Corporation serving Fresno County is gearing up for its annual Real Estate Forecast event.

The event Thursday at the Radisson Hotel & Conference Center in downtown Fresno will highlight the county’s real estate market, including residential, agricultural, commercial and multifamily sectors.

Presentations will be made on real estate education by Andrew Hansz, director of the Gazarian Real Estate Center at Fresno State.

Alan Rurik, chief financial officer and principal of Mohr-Rurik Capital Group Inc., will speak about the lending market.

Tickets are available by calling (559) 476-2505.

UCP, LLC Anncounced the formation of Benchmark Communities

FOR IMMEDIATE RELEASE
Contact Colleen Edwards
Release Date: April 1, 2011

UCP, LLC, a wholly-owned subsidiary of Pico Holdings, Inc., (NASDAQ:PICO), has announced the creation of a new homebuilding company based in Northern California, Benchmark Communities, LLC. ( HYPERLINK "http://www.benchmarkhms.com" www.benchmarkhms.com).

UCP’s President, Dustin Bogue, explained that the concept for this new operating unit “was inspired by the lack of new home production during this prolonged recession and the need to address several market segments which have been chronically underserved during the last several years.

“In 2010, UCP, LLC, was able to invest more than $48 million dollars in the real estate market by purchasing more than 1,400 residential lots. Since its inception in 2008, UCP has deployed a disciplined approach to acquisitions that has resulted in the purchase of more than 5,000 lots in Northern California. Benchmark will deploy the same diligence and disciplines for which UCP has come to be known.”

Scott Schilling, a 25-year veteran of the homebuilding industry with an outstanding reputation in his community, has agreed to lead Benchmark in his capacity as the firm’s Chief Financial Officer. “Benchmark Communities will focus on delivering the highest possible quality, regardless of price point, to buyers throughout California.”

He continued, “By understanding each market’s specific requirements, such as price, square footage, bedroom and bath count, and beyond that, how people want to live in our communities, Benchmark can focus on three basic tenets: integrity, quality and value.

“The financial strength of UCP, LLC and its proven investment strategy allows Benchmark to enter new markets with its credo that every new community deserves its own, distinct approach to what makes a great home, as well as compelling pricing,” he said.

Schilling and his Benchmark team opened a community in Clovis during the first quarter of the year, and will have their second neighborhood, the first of several in a masterplanned setting in Soledad, ready to bring to market in May.

Plans for other new communities are underway, with a proposed launch in Morgan Hill later in the year.

UCP, LLC is an experienced real estate investment company with a passion for creating a sense of community. It has created a diversified portfolio of real estate acquisitions, from residential neighborhoods to mixed use masterplans, commercial projects and infill opportunities.

Morgan Hill builder revitalizes abandoned Clovis development

By Bonhia Lee
Run Date: March 31, 2011

The new owners of an abandoned Clovis housing development wasted no time revitalizing the project after tearing down four partially built homes that were left to rot.

Benchmark Communities, the construction division of Union Community Partners LLC, built a long-awaited security wall around the Patriot Homes community at Shaw and Locan avenues six weeks ago.

The company, based in Morgan Hill, recently finished street improvements along Shaw Avenue and within the development. Landscaping was put in around the wall, and the sales team just closed on the sale of its first home.

The development, once known for the two large houses that sat unfinished along Shaw avenue, is now almost unrecognizable.

"One of the neat things about this project is seeing it come out of the ashes," said Scott Schilling, chief operating officer for Benchmark.

The development went into bankruptcy last year with 10 homes in some stage of construction and 57 empty lots.

Benchmark bought the property to finish construction of the existing homes and sell them before moving on to a new project. The empty lots will be developed by a different builder.

Patriot Homes is Benchmark's first project in the Fresno area. The company plans to build homes across the street in the Loma Vista community next year.

One of four partially-built homes at Patriot Homes is demolished in November before Benchmark Communities installed a new security wall around the development. Photo by Bee photographer John Walker.