Crescent Communities to Sell Key Businesses to Sumitomo

Paul, Weiss is representing North Carolina-based real estate development firm Crescent Communities, LLC in its sale to Sumitomo Forestry America, Inc., a housing and wood products subsidiary of Japan-based Sumitomo Forestry Co., Ltd. Under the terms of the deal, Sumitomo Forestry America will acquire Crescent Communities’ three key business units, including its multifamily, single family, and commercial and mixed use businesses; Crescent Communities will retain its name, headquarters and management team. Financial terms of the transaction, expected to close in the second quarter of 2018, were not disclosed.

The Paul, Weiss team included, among others, corporate partners Jeffrey Marell, Raphael Russo and Claudine Meredith-Goujon and counsel Marta Kelly; tax partner David Sicular; real estate partner Peter Fisch; and environmental counsel William O'Brien.