New company set to revitalize 12 former Kara Homes’ communities
Rahway, NJ, November 5, 2007: Maplewood Homebuilders LLC, a joint venture between successful New Jersey real estate developer Glen Fishman and an entity affiliated with the hedge fund Plainfield Asset Management LLC, has entered the New Jersey real estate market with a portfolio of twelve premier residential communities. The twelve properties were acquired through a reorganization plan for Kara Homes, which filed for bankruptcy in October 2006. The properties represent nearly 600 homes throughout central and southern New Jersey.
Maplewood Homebuilders expects to invest over $200 million into these properties, where construction had come to a halt in the wake of the Kara Homes bankruptcy. This significant new investment has already jump-started the previously stalled communities, as construction and new development has resumed. Maplewood will work closely with individuals and families with existing contracts with Kara Homes. The company intends to quickly complete homes in the twelve communities, while building shared amenities and improving the quality of the neighborhoods.
“We’re very excited about these outstanding communities and pleased to be forging ahead with construction and new leadership,” said Kevin Fiore, COO for Maplewood Homes. “We come to the table with a fresh vision for each community and for future developments in New Jersey. After a period of uncertainty for many homebuyers, we want to reassure people that we are absolutely committed to completing homes in each of these communities and providing an excellent opportunity for current and prospective buyers.”
Maplewood Homebuilders brings together a unique blend of real estate development and investment expertise. With more than twenty years of real estate experience, Glen Fishman is teaming up with Plainfield Asset Management LLC, an investment adviser registered with the Securities and Exchange Commission. Plainfield manages in excess of $3 billion in equity capital.
Led by this veteran real estate development and investment team, Maplewood Homebuilders will have a portfolio of nearly 600 homes in 12 communities, with individual home prices ranging from the low $300s to over $1.5 million. The new team is committed to revitalizing these high-end communities, which include: The Landings at Manahawkin, featuring townhomes and single-level condominiums just across the bay from Long Beach Island; Winding Run at Little Egg Harbor, an exquisite community of beautifully wooded, spacious single family homes; Horizons at Woodlake Greens, a gorgeous active-adult community of single family homes in Lakewood; Hawkins Ridge at Jackson Township, featuring estate homes on one- to two-acre sites; Cottage Gate at Navesink, featuring luxury, low-maintenance villa homes just minutes from the beach in Middletown; Bergen Mills Estates, with palatial estate homes on three+ acre sites in Monroe Township; Waters Edge at Little Egg Harbor, an intimate community of 14 single family homes; Buckley Estates at Marlboro, featuring incredible estate homes on two-acre sites; and Horizons at Mount Arlington, a beautiful active-adult community in Morris County.
As development of these and all twelve communities continues, Maplewood Homes is actively exploring future growth opportunities to leverage its presence in the high-end residential market. Maplewood Homes offers elegant, stylish and luxurious new homes in superbly designed communities featuring excellent school districts and easy commuting to major metropolitan areas. Neighborhoods are strategically situated in a variety of premium, convenient locations near excellent shopping and a wide variety of recreational amenities. Maplewood Homes offers luxurious layouts by reputable architects, which can be personalized to suit individual desires. Homes are built to cater to a wide range of design and budget requirements.
For more information about Maplewood Homes or any of its premier New Jersey communities, and to view their stunning collection of home designs, visit www.homesbymaplewood.com.
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