Mountain Top Properties (OTC: MTPP) is a diversified real estate holding company focused on building, acquiring, marketing, and operating assets through its wholly owned affiliates. The company is looking to tap into the strength of the high-end real estate market in the Hamptons. “Despite a high interest rate environment, Hamptons-based real estate has shown remarkable resilience over the past year… Despite seeing a 26% decline in year-over-year sales of individual properties, homes priced between $1 million and $3.5 million – which have historically accounted for the lion share of Hamptons’ property transactions, only witnessed a 21% decline,” a recent article reads. “Through its Mountain Top Capital Fund I, Mountain Top Realty has sought to raise $75 million to acquire, renovate and remarket homes in the Hamptons; in recent weeks, the company has revealed plans to conduct a Regulation A offering, which will seek to raise up to $10 million in gross proceeds, destined to be deployed in support of the company’s real estate development plans. This will come on top of the fund’s existing debt capital foray, which has seen the fund receive commitments amounting to 70% of their anticipated real estate acquisition costs as well as a further 100% of the planned construction costs, a figure which the company will seek to complement with the upcoming equity raising exercise. Mountain Top Realty will partner with On Site Builder Construction Co. Inc., as the design partner in its ambitious Hamptons-focused endeavor.”
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About Mountain Top Properties Inc.
Mountain Top Properties is a diversified real estate holding company that acquires, sells and operates assets through its wholly owned subsidiaries and limited partnerships. The company specializes in property management, property technology (“PropTech”) and real estate redevelopment. Mountain Top Properties was incorporated in 1990 and is based in Liverpool, New York, with offices in Sag Harbor, New York. For more information, visit the company’s website at www.Mountain-Top-Properties.com.
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