McMillin Announces Richmond American as First Guest Builder at Master-Planned Community of Summerly

SAN DIEGO, Feb. 23, 2011 /PRNewswire/ -- McMillin Communities has named Richmond American Homes as the first guest builder within its master-planned community of Summerly in Lake Elsinore, Calif.  Richmond American plans to build a 74-home neighborhood to be called Northstar.  Northstar will feature three distinct floor plans of single- and two- story homes, ranging from 1,794 to 2,045 square feet.  While pricing has not been set, model home construction is anticipated to begin this spring with a summer grand opening planned.

McMillin acquired the 1,482-home, golf-course community on approximately 700 acres along the southeastern edge of Lake Elsinore last June and has spent several months on street and landscape improvements within the first phase.  

"We are very excited to be working with Richmond American for our first collection of homes at Summerly," said Mark McMillin, president and CEO of McMillin Communities.  "The residents of Lake Elsinore have been anxiously awaiting this new neighborhood."

Summerly, which is part of the Eastlake Specific Plan District in Riverside County, will eventually consist of 23 neighborhoods with more than 37 acres of public parks and a number of private parks and recreation facilities, including a private clubhouse, overlooking the existing Links at Summerly Golf Course, as well as a planned elementary school site.  

Development at Summerly started in late 2008 by John Laing Homes.  Nine model homes, the golf course and some infrastructure were completed before it was acquired by McMillin.  McMillin is currently selling the existing models; five have already been sold.  

The McMillin family has developed a total of 17 master-planned communities in Southern California since 1960, when patriarch Corky McMillin started the company. McMillin Communities is now run by Corky's sons, Scott McMillin, Chairman of the Board and Mark McMillin, President and CEO. For additional information, visit mcmillincommunities.com.

McMillin purchased Summerly with financing from a subsidiary of a real estate fund managed by Los Angeles-based Oaktree Capital Management, L.P.  The joint venture is partners with Civic Partners of Huntington Beach, Calif.

Since 1972, the Richmond American subsidiary companies have built and financed the American dream for more than 160,000 families.  As one of the largest home builders in the United States, its subsidiaries have home-building divisions across the country.  For more information, visit richmondamerican.com.

SOURCE McMillin Communities