SANTA CLARITA, CA-San Francisco-based MacFarlane Partners says that the 15,000 acres of Santa Clarita Valley land owned by bankrupt LandSource is a good long-term investment despite the LandSource Chapter 11 filing this week, and CalPERS says that its stake in LandSource is a relatively small percentage of the overall CalPERS portfolio. LandSource Communities Development LLC and some of its subsidiaries, which own the land in the Santa Clarita Valley, filedvoluntary Chapter 11 bankruptcy petitions in the US Bankruptcy Court in Delaware this week.

According to a statement by LandSource, it had attempted to reach agreement with its lenders to restructure more than $1.2 billion in debt to avoid filing for bankruptcy. The company said that it expects “not only to survive the current real estate downturn and credit crunch, but to flourish once the market stabilizes.”

CalPERS invested about $900 million in LandSource through MacFarlane Partners, who along with Weyerhaeuser took a 68% interest in LandSource. Other partners of LandSource are Lennar and LNR, each with a 16% stake.

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