Evergreen Funds $750M for Kitson Florida Developments
- Sep 12, 2008
Chicago based private equity investor Evergreen Real Estate Partners has committed $750 million to developer Kitson & Partners to pursue retail and residential development deals in Florida. WIth the funding, Kitson will be looking to acquire raw land, entitled land and semi-improved land on which to develop. The firm is anticipating that having the funds on hand will help them survive a tough credit market. “If our company makes an offer, we can close the deal with the seller. We have the financial strength to finish what we start,” Kitson’s CEO Syd Kitson said in a prepared statement. Kitson & Partners has been active in the Florida market as of late. The firm has acquired more than $900 million in commercial and residential assets in the state within the past two years. The firm is currently developing over 20,000 acres in Florida which will house over 25,000 residential units. Kitson also is seeking to expand its foothold in the shopping center market to add to the 11 shopping centers the firm currently has in its portfolio. Kitson & Partners is a Florida-based international real estate company that specializes in residential and commercial developments. The firm has proven its success in Florida development by being named 2007 Developer of the Year by Real Estate Finance & Investment for its work on the Babcock Ranch project in southwest Florida.