We are continuing to build upon the bases established with our first 2 real estate funds. Fund one became fully invested in early 2013 and in less than 2 years our investors already have received well over 100% of their invested capital back from income and monetization and with the distribution of carried interest is quarter, we now have back 1.5 times our investment with a lot more to go. Fund 2 has already invested or committed to invest approximately $1.2 billion of equity in 75 transactions and also continues to make current distributions of income to investors but to date have exceeded over 18%. We still have almost $400 million dollars of equity to invest and expect to begin raising our 3rd real estate fund later this year and to complement our real estate funds we also have almost $500 million equity to investors. We have an outstanding investment team that is extremely well positioned to continue to build our asset management business. Additionally Realtor mortgage finance, our high return equity lending platform is originating and securitizing long term fixed rate loans on stabilized cash flowing commercial real estate properties.
During the quarter we completed our 12th securitization transaction selling over $500 million of RMF originated loans maintaining our strong margins and bringing our total to $2.2 billion in only our first five quarters of operation. Finally our five point communities program continues to make significant progress and developing our premium California master plan community. At heritage fields or El-Toro, builders in the first phase of 726 home site, have sold 660 homes over the 90% of the homes release for sale was strong pricing power and pace through the fourth quarter. Five points in to contract on the second phase with 9 builders for 14 neighborhood with 916 home sites. Lennar Corporation [NYSE:LEN]will build 253 homes in for the neighborhood along with 8 of the builders. The land sales will close in the first quarter and Lennar Corporation [NYSE:LEN]will recognize approximately 30 million dollars of income from these sales in that period. Additionally 5 points entered into the contract to sell 73 acres of land to Broadcom Corporations to the relocations of their headquarters to the great park neighborhood. They plan to build the campus with 2 million square feet of office base. The profit from this transaction will be recognized in Lennar Corporation [NYSE:LEN]2nd quarter.
At new home, we anticipate to begin land development later this year as new home success in monetizing non-core assets has allowed the venture to maintain a significant cash position of approximately 185 million dollars at year end. In San Francisco, sales continue to be very strong at the ship yard. We are now just about sold out of our first phase of 88 homes that will begin closing is March. There are additional 159 homes under construction, most of which will deliver in the fourth quarter of 2015. Also in the fourth quarter, we closed a joint venture with Macerich, a retailer to develop a 500000 square foot regional mall on the site of Candle of the Candle Stick Park Stadium. The mall along with additional 1800000 square feet of retail space is expected to open in the beginning of 2018. Overall and in summary, our company has been busy and our company has extremely well positioned to thrive in the current market condition.
The shallow slope of recovery with what we believe will be an extended duration, provides an excellent environment for our management team to drive our business forward. Pick up market share and produce excellent results. Over the past quarters, we have been articulating a soft pivot to a land lighter model in home building and an asset light model for our ancillary businesses. These initiatives are becoming a core strategy for our company as we develop a carefully refined asset allocation program for our now mature business line and focus on cash generation and deleveraging our balance sheet. As we move through 2015, we expect to amplify the company focus on moderating growth, focusing on ROYC and driving cash flow as we enter the back half of 2015 and into 2016. We have an excellent management team that continues to be focused on our carefully crafted strategy.
