Troubled developer sells off affordable housing

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
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Lennar Executive Chairman Stuart Miller (iStock)
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
Rent-to-own startup Divvy Homes expands to South Florida
Rent-to-own startup Divvy Homes expands to South Florida
Rent-to-own startup Divvy Homes expands to South Florida
Ben Schachter, Sean Black and Mike Pappas (Signature, Getty, Keyes)
Knock expands home lending program into South Florida 
Knock expands home lending program into South Florida 
CEO of Atlantic Pacific CEO Howard Cohen and Homestead Avenue and Southwest 184th Street, Miami-Dade (Google Maps)
Atlantic Pacific’s plan for mixed-use affordable housing project near Cutler Bay advances
Atlantic Pacific’s plan for mixed-use affordable housing project near Cutler Bay advances
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)
Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail
Altman scores $55M construction loan for Ludlam Trail project
Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)
Corcoran agent in Miami loses job over “racist and fear-based” marketing
Corcoran agent in Miami loses job over “racist and fear-based” marketing
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...