New funding emerges for home builders
Oaktree Capital Management, a global investment firm headquartered in Los Angeles, is investing an undisclosed sum in a lender that specializes in financing home builders.
An article in the Wall Street Journal reported that Oaktree has become a big shareholder in Sabal Financial Group, which makes small loans to builders to buy and develop land and construct houses. The Newport Beach, Calif., lender has set aside at least $100 million for these loans, which carry interest rates in the 8.5% to 9.5% range.
Mead Lumber to close Nebraska location
Regional chain Mead Lumber Co. has decided to close its Ashland, Neb., location on July 7, according to an article in the Journal-Star.
The 102-year-old lumberyard was not able to generate enough volume to make the business viable, spokeswoman Kate Mead told the newspaper. She added that local home builders were often bringing in building supplies from outside the area.
The family-owned company decided to donate the Ashland property to the Ashland Area Foundation, which is raising funds to build a new public library and senior center.
Based in Columbus, Neb., Mead Lumber will now operate 36 stores in Nebraska, South Dakota, Colorado, Wyoming, Montana, Kansas and Oklahoma.
Viance takes a walk on the boardwalk
The Florida panhandle destination of Destin completed a harbor boardwalk makeover that used 200,000 board ft. of Southern Pine, 1,080 treated piles and 85,000 board ft. of Ecolife Stabilized Weather-Resistant Wood, according to Viance.
The boardwalk is part of a multi-year, $90 million capital improvement program for the 400-acre Destin Harbor District that includes a public park and plaza, roadway improvements, and land acquisition as part of the initial $15-million phase.
The new boardwalk runs for more than 1/2 mile from the end of Harbor Walk Village east to the Destin Yacht Club.
“When people come to Destin, we want them to be focused on the beauty that surrounds them,” said Christopher Kollwitz, director of marketing for Viance. “The boats, the shops, the sand, the water — and the new and attractive boardwalk that brings them all together.”
All materials used to construct the boardwalk were treated and supplied by Cox Industries.