MoFo is representing Sekisui House, Ltd., Japan’s leading homebuilder and diversified developer, in its announced acquisition of U.S. homebuilder Chesmar Homes, LLC., a leading developer of single-family homes in Texas, with operations in Houston, San Antonio, Austin and Dallas – Fort Worth.
The company owns and controls over 6,000 lots and closed 2,082 homes in 2021. Chesmar, additionally, offers mortgage and title services through its subsidiaries, CLM Mortgage Inc. and N Title Inc. The transaction is expected to complete in two stages, with an initial closing for Chesmar’s homebuilding business, on July 1, 2022 and second closing for Chesmar’s mortgage and title services businesses, on December 30, 2022. The estimated purchase price is expected to be approximately $514 million.
The cross-office, interdisciplinary MoFo team advising on the acquisition of Chesmar Homes was led by Tokyo Corporate partner Randy Laxer and Real Estate partner Josh Isenberg, and with assistance from Tokyo associates Adam Harris, Max Sternberg, Matthew Blair, Ani Hamparsumyan, and Ning Ning, as well as Los Angeles associates Joseph Gillman and Brian Kwak.