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Blackstone arm GSO provides $150m for Beazer Homes

28 Mar 2013

house build construction real estateBlackstone credit arm GSO Capital Partners has made up to $150m available to US housebuilder Beazer Homes as part of a land banking arrangement.

The firm said it would buy new land parcels identified by Beazer and option finished lots to the company as part of a pre-determined takedown schedule.

Blackstone senior managing director Doug Ostrover, who co-founded GSO, said, “As the housing recovery continues to gain momentum, we are excited to partner with Beazer and extend our land banking business.

“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.”

GSO raised what was the biggest mezzanine debt vehicle since the financial crisis 12 months ago by collecting $4bn.

That fundraise was outstripped by JP Morgan-owned asset manager Highbridge Capital last week when it gathered $5bn for its second mezzanine vehicle.

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