RESMARK TAPS VETERAN HOMEBUILDING EXECUTIVE RICHARD CUOCO AS SENIOR VICE PRESIDENT, INVESTMENTS TO LEAD NATIONAL MODEL HOME SALE-LEASEBACK INVESTMENTS
The Resmark Companies has named Richard A. Cuoco as Senior Vice President, Investments with primary responsibility for originating investments with publicly and privately held homebuilders throughout the continental United States under the firm’s Model Home Sale-Leaseback program.
Under the newly launched initiative, Resmark purchases completed model homes from leading U.S. homebuilders in quality residential developments nationwide under a sale-leaseback contract, offering homebuilders a capital management tool and providing them with liquidity while maintaining the use of the model homes. The venture was launched with $220 million of equity commitments from investors, allowing Resmark to purchase up to $600 million in model homes.
At Resmark, Cuoco will be responsible for identifying potential homebuilder clients, screening new model home sale-leaseback opportunities, negotiating business terms and structures and overseeing the underwriting and closing of the new investments.
“Mr. Cuoco will be off to a fast start growing our client base in the model home sale-leaseback portfolio due to his many longstanding relationships with public and private homebuilders developed during his 40-year career in banking and homebuilding,” said Ziv Cohen, Chief Investment Officer of The Resmark Companies, who oversees the platform.
Before joining Resmark, Cuoco was a Vice President at Brookfield Residential, a national land development and homebuilding company. During his two-decade tenure there, he was a member of the Executive Management team and led land acquisition and disposition in Southern California markets. He was directly responsible for selling single-family detached lots in Brookfield master plan developments to public and private builders. In addition, he managed relationships with Brookfield partners in land and homebuilding joint ventures.
Previously, Cuoco served as Land Acquisition Manager, Project Manager and Community Builder at K. Hovnanian Companies of California, the Irvine, CA-based division of the national homebuilding company. In his role as a Community Builder, he was responsible for land acquisition, site planning, home design and government approvals. His duties continued with on-site management, including construction supervision, administration, budgeting and sales.
Starting his career in banking, Cuoco rose to Senior Vice President and Manager, Major Loans at Downey Savings, where he oversaw a portfolio of mortgage loans on income producing properties and interim construction loans to homebuilders. Earlier he held positions in commercial lending, private banking and middle market business development at First Interstate Bank of California and at Union Bank.
The Resmark Model Home Sale-Leaseback program allows homebuilders to sell model homes in bulk to a trusted partner and redeploy the capital into other areas of their business while maintaining the use of the model homes until production homes have been sold. In addition, homebuilders retain the ability to participate in any appreciated value upon the ultimate sale of the model homes.