REAL ESTATE
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Pursuing previously announced plans to divest its residential realty interests, BCE Development has sold its 75% interest in Rielly Homes, a Newport Beach developer, to company President Thomas J. Rielly.
The purchase price was not disclosed, but Rielly said he was assisted in the acquisition by J.M. Peters Co., a major Orange County home builder. Peters is involved only as an investor, however, and not as a partner, Rielly said. A spokesman for Peters said the company provided a bridge loan of about $5 million to assist Rielly in acquiring the 75% of the company that he did not already own.
Although headquartered in Newport Beach, Rielly builds in Corona and North San Diego County. “Our target market is the $130,000 to $175,000 home,” Rielly said, “and you can’t buy raw lots for that in Orange County.” Rielly builds about 400 homes a year.
BCE Development is the real estate development subsidiary of Bell Canada, the Canadian telecommunications giant.
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