REAL ESTATE
New Dawn at A-M: The situation can be tense for managers at companies that are changing ownership. But the recent acquisition of A-M Homes of California by Pacific Greystone Corp., a new Burbank-based builder, actually eased tensions, insiders say.
Larry Webb, president of A-M Homes’ Southern California division in Newport Beach, said that previous parent company Jennings Group PLC’s financial troubles in its native Australia and elsewhere had choked off funding for some of the projects his people were ready to begin.
“We immediately got construction releases to start new phases in several of our projects,” Webb said. “We have started 110 new houses in four different projects and are actively pursuing (acquisition of) three new parcels of land.”
Under Jennings, he said, money in the bank and earmarked for A-M projects had been held back. “They were making it difficult because they weren’t sure what they wanted to do” with A-M, which is based in Santa Barbara and has northern and southern divisions.
A-M of Southern California has been one of the Southland’s largest and most active home builders during the current recession.
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