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Blackstone's GSO Extends $125M To Homebuilder

Law360, New York (November 5, 2012, 5:32 PM EST) -- The Blackstone Group LP's credit arm on Friday agreed to finance a $125 million land development program by Hovnanian Enterprises Inc., one of the country's biggest homebuilders, continuing to up its bet on America's housing recovery.

Over the next year, New York-based GSO Capital Partners LP, the home of Blackstone's $55 billion credit business, will buy up to $125 million worth of land for new housing developments and hold onto it, selling back finished lots back to Hovnanian on as-needed basis. The agreement expands an existing...
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