Funds managed by Centerbridge Partners and Mount Kellett Capital Management in partnership with CoastOak Group have acquired Stone Hill at Muttontown from Residential Capital Funding Corporation (“ResCap”). Stone Hill at Muttontown is an 80 lot luxury custom home development located in Long Island’s Gold Coast. The partnership has engaged Bernard Janowitz, Stone Hill’s original developer and an experienced Long Island custom homebuilder to manage the onsite property operations and build custom homes for future residents.
“Stone Hill is a terrific and beautiful community located in one of New York’s premier locations,” said Greg McGowan, Managing Principal of CoastOak Group. “We are very excited to partner with Centerbridge and Mount Kellett as well as Bernard Janowitz given his history with the community and proven excellence as a custom homebuilder.”
The partnership is now moving forward with restarting the home construction and lot sales that slowed when ResCap, the previous lender, took control of the property.
CoastOak Group is a real estate development company that creates and operates unique and market-leading residential and mixed-use communities. CoastOak currently operates communities with over 10,000 lots in ten distinct markets throughout the United States.