Maplewood Homebuilders LLC is a joint venture between Glen Fishman, a successful real estate developer in New Jersey, and an entity affiliated with Plainfield Asset Management LLC, a hedge fund based in Greenwich, Conn. Fishman is the managing director of P+F Management, LLC and a founding partner and president of Fishman Real Estate Enterprises, which is based in Lakewood, N.J. Fishman has more than 20 years of experience as a real estate investor and manager, and is a licensed real estate broker. Fishman served as president of First New Jersey Real Property Management Co., Inc. from 1989 to 2004.
About Plainfield Asset Management
Plainfield Asset Management LLC is an investment adviser registered with the Securities and Exchange Commission. Plainfield manages in excess of $3 billion in equity capital. Plainfield’s founder and Chief Investment Officer Max Holmes has led the purchase of several companies in the last several years, including FAO Schwarz Inc., eToys Inc., Sure Fit Inc., Covanta Energy Corporation (now Danielson Holdings Corp.), Asprey International Limited and SMART Papers.
Maplewood Homebuilders Acquires 12 Properties from Kara Homes
Maplewood Homebuilders LLC announced that the U.S. Bankruptcy Court for the District of New Jersey has approved its reorganization plan for Kara Homes, transferring control of 12 Kara-related properties to Maplewood Homebuilders, effective immediately.
Kara Homes originally filed for bankruptcy in October 2006, halting construction and further development for projects throughout its portfolio. Through this reorganization plan Maplewood Homebuilders will own and manage the following 12 properties, which represent approximately 600 homes throughout Central and Southern New Jersey:
In order to jump-start these previously stalled developments, Maplewood Homebuilders expects to invest more than $200 million into these properties to complete the homes in each community, build the shared amenities and improve the quality of these neighborhoods.
Reassuring Local Home Buyers
Maplewood Homebuilders intends to work closely with those individuals and families who have existing contracts with Kara Homes and looks forward to successfully completing homes located throughout these 12 communities.
"After a period of turmoil and uncertainty for many home buyers, we are excited about this transaction and believe it represents a wonderful opportunity for current and prospective buyers in these communities to forge ahead with the construction of their quality homes,” added Fiore. “We are proud of our investment in these communities and welcome the opportunity to help these homeowners move forward."
Establishing a Premier Residential Homebuilder in New Jersey
Maplewood Homebuilders brings together a unique blend of real estate development and investment expertise, led by Glen Fishman, Kevin Fiore and Plainfield Asset Management, which is committed to revitalizing these communities.
Led by this veteran real estate development and investment team, Maplewood Homebuilders will have a portfolio of approximately 600 homes in its new 12-community portfolio, with individual home prices ranging from the low $300,000s to in excess of $1.5 million.
As development of these properties comes to fruition, Maplewood Homebuilders will actively explore future growth opportunities to leverage its presence in the high-end residential marketplace.
|
