Developer Trumark sells majority stake to Japanese homebuilder
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The parent company of one San Francisco's most active condo developers, Trumark Urban, has sold a majority stake to a U.S. subsidiary of Japan's largest homebuilder. Trumark Cos. has entered into agreement to sell 60% of its equity to Daiwa House USA Inc., the companies announced Thursday. Terms of the transaction were not disclosed, but Daiwa has agreed to make additional capital contributions to help Trumark expand. Trumark co-founders Michael Maples and Gregg Nelson will become co-CEOs. Maples…
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