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NJ's Top Homebuilder Just Got Bigger

RED BANK, NJ-Hovnanian continues aggressive expansion effort with a push into the Washington, DC and North Carolina marketplaces.

By Eric Peterson | Updated on August 30, 2000

Hovnanian Enterprises is a legend in NJ homebuilding. Besides putting up one of every 10 homes (multifamily, townhouses, retirement communities and single-family) that have gone up in New Jersey in the last 30 years, the company has also breached the urban housing frontier in cities like Newark.

But the Red Bank, NJ-based Hovnanian has, for some time, had designs on a bigger target–the national stage. The company took a small step in that direction recently when it acquired Matzel & Mumford of Hazlet, NJ for $8.8 million in cash and an undisclosed amount of stock.

Now, Hovnanian has made its imprint on the national residential market with the acquisition of Washington Homes Inc., based in Maryland. Hovnanian will pay $77.4 million in cash or stock, and will assume an estimated $60 million in debt.

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