News & Moves: February 7, 2008

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Breaking news on the movement of people in the housing industry, and events that shape its future.

February 22, 2008
Sidebars:
Boosting Cash Flow — But Not Without A Loss

Gerry Boeneman is the new division president of Ryland Group's Jacksonville, Fla., operation. Boeneman, 37, had been division manager and vice president of operations in that division. He replaces Jeff Agar, who was named president of Ryland's Orlando, Fla., division in July last year.

Forest products giant Weyerhaeuser Co. has named Daniel Fulton president. Fulton, 51, had been president of Weyerhaeuser Real Estate Co., the Federal Way, Wash.-based home building subsidiary. Fulton will continue to hold that title as well as oversee all of Weyerhaeuser's corporate operations and some staff functions. Fulton's appointment is acknowledged by insiders to be the first step in a planned transition of leadership.

James P. Dietz, executive vice president and CFO of troubled Bonita Springs, Fla.-based public giant WCI Communities, left the company at the end of 2007 to pursue a new career in the vacation resort industry. Ernest Scheidemann, 47, formerly vice president and treasurer, has taken over as interim CFO.

Bradenton, Fla.-based Taylor Morrison Homes, the housing giant formed last year by the merger of Taylor Woodrow and Morrision Homes, recently named Vickie Nyland president of the firm's Northern California division. Nyland previously served as senior vice president and CFO of Taylor Woodrow's western region.

Charlotte, N.C.-based National Gypsum recently sealed an innovative three-year marketing partnership tying the firm to Hispanic television legend "El Chapulin Colorado" — the red grasshopper. It's the new face of National Gypsum to Hispanic consumers.

Foremost Communities, an Irvine, Calif.-based land development and investment company that specializes in selling finished lots to merchant builders, has named Rush Stanisai land acquisition manager. Stanisai was formerly finance manager for Lennar Homes of California, where he managed more than $1 billion in land assets in the Inland Empire.

David M. Randich

Therma-Tru Doors, the Maumee, Ohio-based door manufacturer owned by publicly traded building products giant Fortune Brands, recently named David M. Randich president, succeeding retiring president Carl B. Hedlund in the position.

Developers Research, an Irvine, Calif.-based provider of financial analysis for the land development industry, has become the first firm in the U.S. to be certified in management consulting services for land development by the International Organization for Standardization.

Epcon Communities, the fast-growing Dublin, Ohio-based home building franchiser, has promoted Anita Smith to sales manager of the firm's Ohio operations.

Doris Topel has been promoted to senior vice president of Bozzuto Development Co., the Greenbelt, Md.-based multi-family housing developer. Topel previously led Bozzuto Management Co., overseeing the operations of 8,000 rental units and more than $120 million in annual revenue.

Weyerhaeuser Realty Investors, the Seattle, Wash.-based provider of institutional capital for home builder project financing, has tapped Lorrie Scott to serve as senior vice president and general counsel. She comes to the new position after seven years as senior legal counsel, specializing in mergers, acquisitions, securities law compliance, corporate finance and contracts.

Red Bank, N.J.-based Hovnanian Enterprises has reached another milestone with one of the jewels of the firm's move into urban high-rise condo development. 77 Hudson, the first Manhattan-style vertical community in Jersey City, N.J., has received its registration from the New York State Attorney General's Office, opening the way for New York real-estate brokers to sell the condos in Manhattan.

Skokie, Ill.-based Portland Cement Association recently promoted Jim Niehoff from manager for residential promotion to director of residential construction programs. Niehoff will oversee all PCA activities to expand the use of cement-based products in residential construction. He will also have an active role in NAHB's Concrete Home Building Council.

 

Boosting Cash Flow — But Not Without A Loss

America's largest home builder, Miami-based Lennar Corp., completed an innovative joint venture with Morgan Stanley Real Estate to acquire, develop, manage and sell 11,000 home sites in 32 communities across the country. The joint venture paid just $525 million on a $1.3 million book value. The deal gives Lennar a 20 percent ownership stake and 50 percent voting rights, as well as opens the door to a 35 percent tax credit.

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