Newmark Homes Houston Acquisition- off to a Great Start!
HOUSTON-(Business Wire)-September 3, 2009 - Newmark Homes Houston, LLC today announced that its recent acquisition of the Newmark Homes brand from TOUSA, INC. is off to a roaring success. Less than a mere 75 days after the June 15 transaction finalization, and the resulting beginning of Newmark Homes Houston, the company has closed its first homes.
Not only is this an exciting time for Newmark, but also for the Newton family. The Newtons are the first residents in its Pine Mill Ranch community. The Newtons, Newmark Homes Houston’s first homeowners, moved into their new home over the weekend and are excited to explore all that Pine Mill Ranch has to offer. The Newtons took advantage of the $8,000 tax credit as first time buyers.
“The additional $8,000 motivated us to get more serious about looking at builders and to go ahead and buy a house sooner rather than later. We felt that the opportunity was just too good to pass up,” said Glynn Newton. “Newmark made the process extremely easy for us and assured us that our house would be built in a timely manner.”
There are over 100 other home buyers who have also chosen Newmark Homes Houston to be their builder. “We are very excited to have so many customers this early after the formation of our new venture. Our customers have confirmed that our brand and our communities have solid footing in the Houston housing market,” said Mike Moody, Newmark’s President.
To finance the construction of all of these sold homes, Newmark has put together a group of seven banks who have committed $25MM in construction financing commitments. The group of financial institutions is made up primarily of local banks. There is a perception that banks are not open to lending money in these challenging economic times, so an aggregate commitment of this magnitude is impressive.
“Central Bank is pleased to be providing financing to Newmark Homes Houston. Mike Moody and his team have proven themselves over the years to be builders that provide exceptional quality. Central Bank is 53 years old, and through all the good and challenging economic times over the years, has continued to seek long term relationships — including providing loans for their businesses. We are pleased to be part of this success story and look forward to continuing our fine relationship with Newmark Homes Houston,” said Kim Wheless, President & CEO, Central Bank.
The early success of Newmark Homes Houston is a true testament to the company’s strong brand and tradition of building fine homes in the Houston area. The combination of an exciting new company, new motivated home buyers and new commitments for construction financing provides an exceptional launching pad for Newmark’s success.
About Newmark Homes Houston
Newmark Homes Houston will build homes ranging in price from $170,000 to over $600,000 in 19 of the finest master planned communities in the Houston Metropolitan area. For more information on Newmark Homes Houston, please visit our website at www.newmarkhomes.com.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6042547&lang=en
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