GSO Provides Funds for Land Banking Arrangement

GSO Capital Partners LP, the credit arm of The Blackstone Group, will make available up to $150 million as part of a land banking arrangement, according to the company and builder Beazer Homes.

Funds managed by GSO will acquire new land parcels and option finished lots on a predetermined schedule. Beazer will identify the land parcels.

The move adds to Beazer’s land acquisition and development activities, said Allan Merrill, CEO of Beazer Homes, in a press release.

“Expanding our active community count beginning in fiscal 2014 is a key part of our path-to-profitability plan,” he said.

Doug Ostrover, senior managing director of Blackstone and co-founder of GSO, said in the same release, “GSO has a long history of working with Beazer, and we have great confidence that the management team is positioning the company well in order to capitalize on the recovery and regain profitability. We look at this incremental capital as just the first step in what we hope to be many successful future ventures with Beazer.”

Article source: http://www.nationalmortgagenews.com/dailybriefing/gso-provides-funds-land-banking-arrangement-1035362-1.html

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