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MoFo Advises Sekisui House on Acquisition of Chesmar Homes

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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.



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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.

MoFo Advises Sekisui House on Acquisition of Chesmar Homes

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Randy advises on cross-border M&A, private equity, strategic alliances, and complex international joint ventures covering a range of industries, including technology, health care, life sciences, and media. He has more than 20 years of experience representing Japanese corporations in complex global M&A transactions as well as advising leading private equity funds and strategic investors on their acquisitions, joint ventures, and other strategic investment transactions in Japan.Randy serves as co-head of Morrison Foerster’s Asia Private Equity practice. In previous years, Randy served as the co-chair of our global Corporate Department.He is a frequent speaker on these and other legal developments impacting Japanese and international companies engaged in cross–border M&A. Randy attended Konan University in Kobe, Japan, and Stanford University’s Inter-University Center for Japanese Studies in Yokohama. He is fluent in Japanese.

Randy Steven Laxer

Partner

Joshua Isenberg is a partner in the firm’s Real Estate Group. Josh’s practice includes a wide variety of real estate transactions, including senior and mezzanine financing, acquisitions, sales, construction and development matters, joint ventures, and ground leases.Josh has represented a broad range of institutional and private clients in connection with office, industrial, hotel, retail, mixed-use and multi-family projects.Josh is ranked for Real Estate in Japan by Chambers Asia-Pacific 2024. He is also listed in the Hall of Fame for Japan: Real Estate in The Legal 500 Asia Pacific 2024.<h4>Representative Experience</h4><ul><li>SEKISUI HOUSE, LTD., in its $468 million acquisition of U.S. homebuilder Woodside Homes Company, LLC.</li><li>NORTH AMERICA SEKISUI HOUSE, LLC, the U.S. business operations unit and full subsidiary of SEKISUI HOUSE, LTD., in acquisitions and joint ventures related to residential development projects across the United States.</li><li>Deutsche Bank AG Tokyo Branch on multiple non-recourse loan facilities for the construction of large scale photovoltaic power projects in Japan.</li><li>Fortress Investment Group in multiple acquisitions, dispositions of real estate assets and financings on properties and portfolios located throughout Japan. </li><li>A Japanese institutional investor in acquisition and joint venture related to residential development properties in Chicago and logistic facilities in Dallas.</li><li>A large Japanese bank in the refinancing of mortgage and mezzanine loans to a US entity, secured by a portfolio of iconic hotels and resorts in Hawaii and San Francisco.</li></ul>

Joshua Robert Isenberg

Adam Harris is an associate in the Corporate and Capital Markets Groups of Morrison Foerster’s Tokyo office.Adam received his J.D. from Duke University School of Law, where he was a senior staff editor for the Duke Journal of Constitutional Law & Public Policy. He received his B.A. from University of North Carolina, Chapel Hill.Adam has been recognized by The Best Lawyers in Japan in its “Ones to Watch” category for Capital Markets Law.

Adam Harris

Associate

Matthew Blair represents clients in complex commercial real estate transactions, including financings, joint ventures, acquisitions, dispositions, developments, leasing matters, and preferred equity investments.Matthew has represented domestic and international clients, including major financial institutions, investors, private equity funds, developers, and owners, in transactions across the United States. His practice covers a wide variety of asset classes, including commercial, hospitality, and office properties.Before joining Morrison Foerster, Matthew was an associate with another international law firm. He received his J.D. cum laude from Georgetown University Law Center and his B.A. from Vassar College.

Matthew R. Blair

Ning Ning is a corporate associate in Morrison Foerster’s Tokyo office.Ning received her J.D. from Duke University School of Law, where she served as a student attorney for the Start-Up Ventures Clinic and represented early-stage businesses on a variety of corporate matters. She received her B.A. in Psychology and in Japanese with honors from Washington University in St. Louis. From 2010 to 2012, Ning studied at Waseda University in Tokyo and was a recipient of the 125th Anniversary Scholarships. Ning is fluent in English and Mandarin.Ning has been recognized by The Best Lawyers in Japan in its “Ones to Watch” category for Corporate and M&A Law.

Ning Ning

Joe Gillman represents clients in complex commercial real estate transactions, including financing, acquisition, development, construction, infrastructure, leasing, operations, and management matters.Joe has worked with clients on transactions involving a wide variety of asset classes, including infrastructure, office, residential, multi-family, retail, mixed-use, and condominiums.He received his J.D./M.B.A. from Emory University where he was executive managing editor of the Corporate Governance & Accountability Review and managing editor of the International Law Review. He received his B.A. from the University of California, Berkeley.Before joining Morrison Foerster, Joe was an associate with the infrastructure practice group of a national law firm. He also served as a judicial intern to the Honorable Kathleen Cardone of the U.S. District Court for the Western District of Texas.