LOS ANGELES — A San Diego company that focuses on distressed land-secured municipal bond deals has acquired 661 residential lots in the stalled Rolling Hills master-planned community in Clay County, Florida.

The acquisition represents the first Florida purchase for Common Bond, a company founded by veteran public finance banker William Huck and real estate developer and attorney Todd Anson in January 2012 to target distressed dirt bonds. The company’s first acquisition in May 2012 was a $5.5 million bond issue sold in 2006 for a project in Merced, Calif.

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