Chicago, IL (PRWEB) April 13, 2010
Stoneleigh Companies LLC announces the addition of Senator Mel Martinez to the Board of Managers and as a Principal of the firm effective April 1, 2010. Senator Martinez was the former Secretary of the Department of Housing and Urban Development from 2001 – 2003 and most recently was the US Senator representing the State of Florida from 2005 - 2009. Upon his retirement from the US Senate in September 2009, Senator Martinez joined the law firm of DLA Piper as Partner based in Orlando, Florida and Washington DC.
Rick Cavenaugh, President of Stoneleigh, stated “Our investment model is to buy existing apartment properties with our own equity and advantageous debt structures. The addition of Senator Martinez to the Stoneleigh Board reaffirms and strengthens our business strategy to access low cost tax-exempt bond financing to purchase apartment properties. His long term advocacy of housing is complimentary with our goals.” Since 1984, the Stoneleigh team has been responsible for the acquisition and development of over 34,600 multi-family units in 35 cities and 18 states. With the displacement in the real estate markets over the past three years, Stoneleigh is uniquely positioned to access debt capital thru bond issuances and build upon its track record of successful investment in the multi-family sector.
Stoneleigh Companies is a private real estate investment and development company with an extensive track record in multi-family, office, land development and for-sale residential disciplines. The Stoneleigh team has been a leading sponsor/developer of low cost tax-exempt bond financing since 1984 on a national basis and is focused on the deployment of new acquisition/rehab bond issues in select markets.
Stoneleigh also announces the acquisition of Chatham Harbor Apartments in Altamonte Springs, Florida. The December 2009 purchase was financed thru a new bond issuance by the Orange County Housing Finance Authority and credit enhanced by Freddie Mac thru CWCapital. James O’Kane, SVP of Acquisitions, said “Being the only new acquisition/rehab project financed with bonds in 2009 is consistent with our past experience and provides an excellent start for our company to build a portfolio of quality assets in these turbulent markets.”
Rick Cavenaugh, President
Phone (224) 770-4600
James O’Kane, SVP