Industry Happenings

Happenings Industry HAPPENINGS

Transactions California Builders Opens Plant in W.V.

Omnis Building Technologies of California will build a $40 million, 150,000-square-foot manufacturing facility in Bluefield, W.V. The plant will create as many as 300 jobs and will manufacture building materials for residential construction. The company makes energy-efficient, pre-engineered concrete insulated building units (CIBUs) that are shipped then assembled on-site to make pre-designed homes.

Idaho City Buys Manufactured Home Community

The Boise City Council voted 5-1 to approve the purchase of Shoshone Park manufactured home community with 24 homesites for $3.25 million. City officials said the property has been purchased to maintain it as local affordable housing. The transaction can be finalized after 45-day due diligence and 90-day waiting periods.

UMH Properties Gains Added Financing for Rental Homes

UMH Properties, Inc. in March successfully completed the addition of approximately 1,100 homes to its Fannie Mae credit facility, through Wells Fargo Bank, for approximately $25.6 million. Proceeds will be used to invest in additional acquisitions, expansions, and rental homes further enhancing the company’s ability to increase shareholder value and provide quality affordable housing. “We are proud of the groundbreaking work we have done to facilitate the acceptance and financing of rental homes in manufactured housing communities,” Samuel A. Landy, the UMH president and CEO, said. “For over 10 years, we have believed that a manufactured home in a land-lease community is one dwelling unit equivalent or better than any apartment and deserving of the same financing received by apartments. As of today, Fannie Mae has recognized this fact. We expect to be able to refinance additional communities and include rental homes as collateral.”

Housing Innovation Centers Receive DOE Funding

The U.S. Department of Energy awarded $32 million for more than 30 building projects to improve technologies in affordable housing. DOE recipients include the

Fraunhofer USA Center for Manufacturing Innovation ($4.9 million); Home Innovation Research Labs ($4.5 million); National Renewable Energy Laboratory ($4.4 million); Oak Ridge National Laboratory ($5 million); Rocky Mountain Institute ($4.4 million); Syracuse University ($5 million); and the University of Central Florida Board of Trustees ($3.6 million).

Indiana Community Latest in UMH Portfolio

UMH Properties has added Twin Pines in Goshen, Ind., to its growing list of communities. Healthcare, education, advanced manufacturing, and business services drive the regional economy, and with that growth UMH is intent on providing the needed quality affordable housing in Goshen. Residents will get sought-after home upgrades such as real wood cabinetry, spa-like master bathrooms, and open-concept floor designs.

Industry Giving GoFundMe Provides New Home for Fire Victim

Boston resident Bill Moore has been gifted a new home following a devastating fire that cost him his last residence. Hundreds of people, including community residents, pooled together more than $80,000 to help him out. “I am flabbergasted,” Moore told local media. “It’s just like winning the lottery.”

Personnel Green Courte Partners Promote Managing Directors, Hires CFO

Green Courte Partners, LLC, a private equity real estate investment firm focused on building industry-leading companies within niche real estate sectors, has promoted Jon S. Pollan to managing director of acquisitions and Josh D. Reichert to managing director of portfolio management. Pollan joined Green Courte in 2013 as an associate focusing on acquisitions and asset management. He was promoted to senior associate in 2015 and to vice president in 2018. As a managing director, he will be responsible for sourcing and leading new acquisitions for Green Courte’s near-airport parking company, The Parking Spot, and its land-lease community platform Windward Communities. Reichert joined Green Courte in 2018 as a senior strategy associate in portfolio management. He was promoted to vice president in 2020, and as a managing director, he will continue to identify »

and evaluate strategic initiatives and value-add opportunities in each of Green Courte’s operating businesses, oversee portfolio investment valuations, and manage asset dispositions. The firm also hired Timothy M. Holic as the chief financial officer of Green Courte Residential Holdings, the holding company that oversees Green Courte’s senior housing and land-lease community operating companies. Holic previously served as the CFO of The Parking Spot where he has worked since the company’s inception in 1999.

In Memoriam Sherman Oaks Housing Advocate Passes Away

Richard Close, 77, who was president of the Sherman Oaks Homeowners Association for 40 years, died in March at UCLA Ronald Reagan Medical Center. Under his leadership, the neighborhood group evolved into a necessary stop for candidates and officeholders. Mr. Close was unafraid to speak candidly about fair housing, neighborhood advocacy, and shortcomings in local politics. Yet, longtime friends couldn’t pin down Mr. Close’s party affiliation. “Party affiliation is not important to me,” Close told the Jewish Journal in 2015. “It’s issues that are important to me. And I’ve never been involved in political parties.” He was born and raised in Andover, Mass., attended the Wharton School of Business at the University of Pennsylvania and Boston University’s School of Law. He moved to Southern California with his wife in 1971 and pursued a law career. Mr. Close worked most recently at the international law firm Cozen O’Connor. Mr. Close is survived by his wife Sally, a son, Matthew Close, and his wife Tristan, a daughter, Abby Emdur, and her husband Josh, and four grandsons.

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