Fix and flip single family homes – focused on the Houston metro area – seeking $100+/- of equity and/or debt capital for this unprecedented opportunity

Industry

Real Estate

Company Type

Fix and Flip

Location

United States

Size

$100,000,000

Investment Type

Equity/Debt

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Helping Great Companies Grow

Overview

  • Marengo REI, LLC (“Marengo” or the “Company”) is a fix and flip single family home platform focused on the Houston metro area
  • Seeking $100+/- million of equity and/or debt capital to execute on this unprecedented opportunity
  • Purchase and renovate homes damaged by post Hurricane Harvey flooding, or impacted by market price dynamics resulting from the storm
  • Homes will be renovated and offered for resale in 6-9 months
  • Marengo is a diversified real estate investment and development company based in Houston
  • active in real estate for more than twenty years
  • led by seasoned executives with extensive experience in risk management and large-project development
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Helping Great Companies Grow

Opportunity

  • Thousands of houses in the Houston metro area are expected to come to market shortly as banks start foreclosure proceedings
  • Foreclosures expected to accelerate through the remainder of 2018 and 2019, with an estimated value of $10-$15 billion.
  • There were approximately 270,000 houses, condos, townhouse, commercial and industrial facilities, and other properties flooded by Hurricane Harvey in Houston and surrounding cities
    • flood reservoirs (Addicks and Barker) holding water from normal rain fall were overwhelmed
    • US Army Corps of Engineers was forced to open flood gates and drain these flood reservoirs, damaging houses that normally would not have flooded
  • In addition, due to businesses permanently shutting down and laying off their employees because of a lack of insurance coverage to restore operations, there are approximately another 200,000 houses impacted due to employees not being able to pay mortgage loans
  • Several banks (Wells Fargo, Bank of America, Citibank, Chase, and other regional/local banks) expected to soon start foreclosure actions on properties directly or indirectly impacted by Harvey flooding
    • banks provided a six-month grace payment period for owners to financially collect on insurance and start paying on mortgages
    • many homeowners cannot make payments because their dwellings were not covered by flood insurance, or government insurance will take several years to payout
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Helping Great Companies Grow

Solution/Strategy

  • Buy first time flooded or post Harvey flooded dwellings in Houston, Texas at substantial discounts in bank foreclosures
  • Renovate the homes to modern standards – kitchen, baths, carpet, etc.
  • Sell the homes 6-9 months after purchase
  • Marengo has extensive Houston residential real estate expertise and crews in place
  • Established company based in Houston with deep knowledge of local markets
  • Unparalleled relationships with top real estate brokers, banks, mortgage companies, credit unions, and note holders
  • Experienced management team with excellent track record doing large scale development projects requiring significant labor deployment
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Helping Great Companies Grow

Management

Tim Nesler

Managing Director

  • Consummate business leader with over 40 years of broad-based experience in operations, project development in real estate and energy facilities, and management
  • People-oriented, team-building management style with strong communication, planning and organizational skills
  • Significant contribution to revenue, performance and profit improvement
  • Over the eight-year founding of Energy Maintenance Services Group I, LLC, created a new integrated model to service the requirements of the Pipeline Safety Act, Clean Air Act and Nuclear Regulatory Act.
  • Ramped US, Canada and Mexico workforces to 2,000 employees
  • In 2011 founded Dimension Energy Services, Inc.
  • Has been involved in numerous real estate acquisitions and development projects as a former senior manager with Marathon Oil Company

Melinda Nesler

Managing Director

  • Experience in real estate, banking, manufacturing and energy – focused on risk management, organizational set-up and human resource management for more than 35 years
  • Involved in the administrative functions of growing a company from start-up with six people to over 1,200 people

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CONTACT US

Hi. We're not around right now. But you can send us an email and we'll get back to you, asap.

Thanks, Ken

Ken Margolis | Managing Partner Castle Placement, LLC
1460 Broadway Street, Rte 400
New York, New York 10036
(212) 418-1188 | C: (516) 712-7784
kmargolis@castleplacement.com

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