ANDREW HELLINGER, CORALEE PENABAD ANNOUNCE PLANS FOR DEVELOPMENT AND INVESTMENT WITH SUPPORT OF NEW CORPORATE STRUCTURE AND LAUNCH OF PRIVATE EQUITY FUND
MIAMI, Fla. (February 23, 2011) – Andrew B. Hellinger and Coralee Penabad have announced the creation of Hellinger Penabad Companies, LLC. (“HPC”), which will serve as the holding company for Hellinger Penabad’s various real estate operations and services. Under the corporate umbrella are Hellinger Development, LLC; Hellinger Construction & Design, LLC; HPCO Advisory Group, LLC; and Liberty Pointe Investments, LLC.
The restructuring is in line with the company’s new business model, which now includes real estate development, design, construction, asset management, consulting, as well as real estate investment. The latter will be facilitated through a private equity fund, Liberty Pointe Realty Fund I, LLP, to take advantage of real estate opportunities in Florida and New York. The initial investment focus is centered on the distressed sector of the local market.
Hellinger stated: “We firmly believe in the Florida real estate market and this new structure enables us to optimally leverage our experience in all aspects of the real estate development process and thereby expand our services to become a total solutions real estate company.”
The consultancy arm, formerly known as both HPCO Advisory Group and Liberty Pointe Advisors (LPA), continues to offer innovative turnaround strategies to corporate entities, lenders, creditors and investors. Over the past three years, LPA focused on fractured real estate developments that needed financial workouts, overall management and re-positioning. Among the high-profile projects currently in its repertoire are Oaks I at Biscayne Landing and Paramount Bay.
Hellinger and Penabad also managed the business of Leviev Boymelgreen Developers before the two real estate tycoons dissolved their partnership. In fact, Shaya Boymelgreen credits the pair with the precedent-setting development of Marquis, a luxury condominium in downtown Miami that faced numerous hurdles from inception; as well as his own successful exit from Miami just as the real estate market began to descend into its formidable crash.
Penabad offered, “We have found tremendous success managing partially completed projects for our clients. We are now equipped to do this for ourselves and our investors.”
According to the venerable duo, they have already been approached by a number of individuals and companies who have asked them to acquire projects with them.
“We were hesitant in doing this before, however, we believe the time is right to plan for the future,” she elaborated. “Our track record of deploying innovative, practical strategies and navigating smart, sound investments will be the keystone of our investment methodology. We plan to be realistic and grounded in our collective knowledge of the marketplace.”
Hellinger added, “We are looking at long-term profitability, which entails identifying the right location at the right price, and assembling the right team to ensure the projects are completed effectively and efficiently. Very few in the industry have the tenure and experience to do this the way we believe we can.”
Hellinger Penabad Companies is located 235 Altara Avenue, Coral Gables, Florida 33146. For more information, call 305-442-3108 or email firstname.lastname@example.org.