Troubled developer sells off affordable housing

Third-ranked Carlisle Development Group faces grand jury probe

TRD MIAMI /
Aug.August 19, 2013 10:00 AM

UPDATED, 10:50 a.m., Aug. 19: The beleaguered, third-largest affordable housing developer in the U.S. has sold its affordable housing division to South Florida-based real estate conglomerate the Atlantic | Pacific Companies for an undisclosed sum.

The antecedent to the Carlisle Development Group, a Miami-based company with more than $1 billion in completed projects; the company’s CEO Matthew Greer and former executive Lloyd S. Boggio are under federal grand jury investigation into the alleged padding of costs to inflate tax subsidies for affordable housing projects, as The Real Deal previously reported.

Nevertheless, Carlisle recently won a $2.5 million bid to build an affordable-housing complex in Dade.

“Atlantic | Pacific is the perfect fit for our team because they share our long term vision of empowering local communities to improve themselves,” Greer said in the release.

Atlantic | Pacific, a fourth-generation South Florida family real estate enterprise, will use the acquisition to create a new subsidiary company, A | P Communities.

“The new company will leverage the extensive experience of both organizations to bring state of the art affordable housing to the communities we serve,” Randy Weisburd, COO of Atlantic | Pacific Companies, is quoted as saying in the release.

Both companies refused TRD‘s requests for more information.


Related Articles

arrow_forward_ios
Jon Paul Perez and Patrick Plunkett

Related scion launches new affordable housing company

Federation Gardens and Federation Towers (Credit: Google Maps)

Miami Jewish federation sells affordable housing for $60.5M

3700 Pacific Point Place and Yaakov Frankforter (Credit: LinkedIn)

Canadian investment group pays $103M for Lauderdale Lakes apartments

LeBron James with a rendering of Unknwn Wynwood (Credit: Getty Images)

Renderings revealed: River Parc master plan, Unknwn’s Wynwood store

Daily Digest Miami

1111 Lincoln inks retail lease with Yoyoso, Miami-Dade and Related Urban reveal massive affordable housing plan

Rendering of Sailboat Bend II

Affordable housing project in downtown Fort Lauderdale lands $27M loan

Commissioner Steve Geller and map showing areas of Broward County designated as “commerce” and “activity center”

Broward moves to expand affordable housing supply by amending land-use plan

JP Morgan's announces $5M investment in affordable housing in South Florida at the Black Archives Historic Lyric Theater in Overtown on Wednesday

JPMorgan to invest $5M to build 150 new affordable rentals in South Florida

arrow_forward_ios