Bancroft Village was purchased by Mosaic principal, Isaac Pretter, in January 2009 as raw land for the purpose of developing a ground-up 43-home residential community. All 43 homes were developed and sold by October 2012. The overall project cost was $13 million. For this deal, Mr. Pretter put together the required capital, obtained all development approvals and permits, coordinated the design of the homes with the project architect, contracted out the site work, oversaw construction of the homes and marketed and sold them. The investors received all of their equity back within 18 months and the overall leveraged IRR exceeded 35%. More information about the project may be found at www.bancroftvillagehomes.com.