Hovnanian Enterprises Says Co, AG Essential Housing Company 2 Entered Into Land Banking Agreement - Land.Net News
On September 30, 2021, Hovnanian Enterprises, Inc. (the "Company") and AG Essential Housing Company 2, L.P., an affiliate of Angelo, Gordon & Co., L.P. ("EHC"), entered into a land banking agreement pursuant to which EHC will fund up to $200 million in acquisition and development costs, subject to increases as mutually agreed. The arrangement is for a term of twenty-four months, during which time EHC will have the right to select and acquire for land banking certain of the Company's owned or to be acquired residential properties meeting specified criteria as determined by EHC. EHC will acquire the portfolio of land properties, which the Company will develop, and option finished lots at a fixed price on a monthly takedown basis back to the Company.
Read full filing here