Blackstone Credit Unit Inks $125M Deal With Homebuilder

Law360, Chicago (July 16, 2012, 6:53 PM EDT) -- The global credit arm of private equity behemoth Blackstone Group LP has agreed to a $125 million land-banking arrangement with homebuilder Hovnanian Enterprises Inc., the homebuilder said Friday.

Under the deal, funds managed by Blackstone's GSO Capital Partners LP will pick up a portfolio of land parcels from Hovnanian then option finished lots on a quarterly takedown basis back to the homebuilder.

GSO Capital already had closed on six land parcels — totaling 620 lots — with total purchase and committed development costs of $65 million,...
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