NVR, Inc. agreed to acquire 423.45 acres of land and improvements located in Clinton, Maryland from Zachair, Ltd. for $17 million.
June 04, 2022
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NVR, Inc. (NYSE:NVR) agreed to acquire 423.45 acres of land and improvements located in Clinton, Maryland from Zachair, Ltd. for $17 million on June 1, 2022 as part of bankruptcy sale. As part of the total consideration of $17 million, initial payment includes $10 million, Additional lot payments, Alternative Land Payment (Sale), Alternative Land Payment (Lease), Option Fees and, if any, Minimum Additional Payments shall be a minimum of $12 million and, at a maximum shall be capped and shall not exceed $17 million. The transaction is subject to approval by bankruptcy court and is expected to close by August 1, 2023 or r twelve months after the Bankruptcy Court's
approval of the Zachair's Second Amended Bankruptcy Plan.
Bradford F. Englander of Whiteford, Taylor & Preston LLP acted as legal advisor to Zachair, Ltd. Jennifer L. Kneeland of Watt Tieder Hoffar & Fitzgerald acted as legal advisor to NVR, Inc. Watt Tieder Hoffar & Fitzgerald also acted as escrow agent in the deal. Fraser Forbes Real Estate Services acted as broker to Zachair.
NVR, Inc. is a leading U.S. homebuilder of single-family homes. Net sales break down by activity as follows:
- single home sales (94.6%): single-family detached, semi-detached and row homes (Ryan Homes, NVHomes and Heartland Homes brands);
- mortgage credit (5.4%): USD 6.3 billion outstanding managed in 2022.
NVR, INC. 
