SOURCE: Fieldstone Homes

Fieldstone Homes

January 10, 2011 12:40 ET

Fieldstone Re-Establishes Its Presence in the Southern California Homebuilding Market With Four New Developments

One of the Industry's Most Respected Private Homebuilders Brings on Irvine Company Executive William H. McFarland as CEO

IRVINE, CA--(Marketwire - January 10, 2011) - The Fieldstone Group of Companies ("Fieldstone" or the "Company"), one of the oldest and most respected private homebuilders based in Southern California, has restarted its California operations with the acquisition of four new properties and expects to break ground and begin construction this month.

The newly acquired properties consist of both raw land and developed lots and are located in Dana Point, Rancho Santa Margarita, Encinitas and San Marcos, Calif., and will be developed into new single-family detached home communities. Fieldstone is re-launching its California homebuilding operations from its Irvine office.

William H. McFarland, former vice president and director of The Irvine Company, was brought on as Fieldstone's new chief executive officer in early 2010 and has provided new direction and inspiration to Fieldstone and its experienced management team.

"The Fieldstone name, its experienced management team and its reputation in the industry and among homebuyers is a solid foundation on which to rebuild as we come out of this recession," said McFarland, who also served on the company's board of directors since early 2009. "We're in a strong position to compete with the new homebuilders who have cropped up in the past few years because we have something they don't -- a proven track record."

Fieldstone has worked its way through the recent historically difficult times, and has formed and capitalized new entities for its go-forward operations. The company's plans for the future are to operate an active land entitlement and development company in California, as well as separate home building operations in California, Utah and Texas.

"Fieldstone is back on the offense and we're opportunistic -- we are nimble and flexible, and able to consider a wide variety of project sizes, locations and financial structures," said David Greminger, president of the California operations of Fieldstone, who has been with the Company for 10 years.

"In today's marketplace there is intense competition for land and money," Greminger said. "Fieldstone has taken everything that we've learned over 30 years in business -- including the experiences of the past few years -- and is ready to move forward with a leaner, more efficient and invigorated approach to homebuilding."

About The Fieldstone Group of Companies

The Fieldstone Group of Companies (Fieldstone) traces its history back to 1981. Since then, companies within Fieldstone have acquired, managed and developed communities throughout Southern California, Texas and Utah ranging in size from small subdivisions to large master planned communities. Fieldstone has completed the construction and sale of more than 26,000 attached and detached homes with revenues totaling approximately $6.7 billion. Companies within Fieldstone are privately-held with offices in Irvine, California, Salt Lake City, Utah and San Antonio, Texas. www.fieldstone-homes.com.

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