Cleveland, Ohio, November 10th, 2012— Weston, Inc. announced today that it has formed a new entity, Weston Builders, LLC. In discussing this new venture, T. J. Asher, CEO of Weston Inc. underlined Weston’s continued need to expand its business opportunities, particularly in the multifamily residential industry it has forged into. He explained that Weston Builders primary focus will be on Low Income Housing Tax Credit (LIHTC) renovation work, the senior living industry, and higher education student housing.
“This venture is a natural progression for us,” Asher says. “It makes complete sense. We have the staff in place. We have long-standing relationships with our lenders so that we can get deals done. And, we have a great reputation in the marketplace.”
Mark Horton, President of Weston Development, will head up this effort, supported by Chris Gellin, formerly of Merit Enterprises, the building arm of Associated Estates, Inc., as Vice President “You would be hard-pressed to find two people with as much combined experience as Mark and Chris”, Asher adds.
Gellin defines the strategy for the future growth of Weston Builders as “practical”, referencing its first project as a key example. The Residences at Carronade in Perrysburg, Ohio is a HUD financed ground up construction of 108 residential apartment units. Described as “upscale, yet affordable” the second phase of this complex has an anticipated groundbreaking slated for April, 2013.
“We have standing relationships with subcontractors and an understanding of Low Income Housing Tax Credits,” Gellin adds. “We also have a network of lenders and financial institutions.”
As to why he has decided to jump on board with Weston, Gellin proudly adds, “Weston’s reputation is unsurpassed. It’s a pleasure to be part of this team.”
Weston Builders will be introduced at Booth # 20 at the Affordable Housing Finance Live Conference in Chicago, November 14-16.
Weston is one one of Northeast Ohio’s largest privately-held industrial building owners and developers with more than 400 tenants in 10 million square feet of space in 10 states. Founded in 1972, it is a second generation commercial real estate business led by the Asher Family. For more information about Weston, log on to www.teamweston.com.