Governors Lewes, LP, a new partnership sponsored by Jack Lingo Asset Management (JLAM), a Rehoboth Beach, Delaware based real estate development and asset management firm, is pleased to announce the acquisition of a planned 423 home community in Lewes, Delaware known as Governors.
JLAM recently completed a private placement for the project, securing more than $13 million in equity capital from a combination of high net worth and private fund investors.
The Governors community includes 287 single family homes and 136 town homes and will feature a high-end clubhouse, resort-style pool, and pickleball courts. The community is in an unmatched location in close proximity to Cape Henlopen State Park, downtown Lewes, the Atlantic Ocean, and Delaware Bay. Prior to its acquisition, JLAM secured all county and state agency approvals for the development of the property.
The partnership will install the community infrastructure, amenities, and oversee all other development-related activities. The project site construction is now underway and sales are expected to begin this summer.
Jack Lingo Asset Management is Delmarva’s market leader in land development and investment activities. Through a series of investment programs it represents a broad range of capital sources, including high net worth and institutional investors. JLAM focuses on creating value at each stage of the development process, while leveraging the team’s 100+ years of combined real estate and finance experience, to deliver successful projects and generate positive returns.
JLAM is currently setting plans in motion for future investment projects in the Delmarva region to continue capitalizing on the recovering market and meet growing investor demand for land development opportunities.
For more information on the company and its portfolio, please visit www.jacklingoam.com.