L Star closes Kellswater Bridge with Mountain Real Estate Group

Partnership to speed development of 240-acre master-planned community.

Online PR News – 22-March-2011 – – KANNAPOLIS NC— L Star Management LLC has partnered with Mountain Real Estate Group to co-develop Kellswater Bridge, a master-planned community with 60 completed homes, 245 completed or partially completed homesites and entitlements for 400 more lots in future phases. A grand entrance, landscaped boulevard, multiple community parks and a large pool and clubhouse complex have also been completed.

Kellswater Bridge is located approximately 12 miles northeast of Charlotte in Kannapolis, home to the NC Research Campus, a $1.5 billion facility for biotechnology, nutrition research and health.

"This is a great development in great location,"said Kyle Corkum, President of L Star Management LLC. "Repositioning this property will allow for more rapid development and completion which will be good for everyone, Corkum said." LStar partnered with Mountain Real Estate Group to purchase the note from Community One bank.

About LStar:
L Star is a highly experienced site development and asset management firm based in Raleigh, North Carolina. Partnering with some of the country's pre-eminent private equity and wealth management funds, L Star acquires assets across the Southeast.

L Star's senior staff has more than 200 years combined experience in land acquisition, project management, asset management, site development, design, planning, permitting, real estate law, financial risk mitigationand construction.As of February 2011,L Star Management LLC has closed more than 5,000 units in the Carolinas. For more information visit: http://www.LStarland.com