Senior Center developer Fishman has hand in yet another pie

You gotta hand it to Glen Fishman of Dornoch, who is supposed to begin construction on the new Senior Center and condos next Tuesday.

He has his hand in every development pie worth looking at in New Jersey, it seems. Including now, the Ledger notes this morning, the rescue of Kara Homes from oblivion. You'll remember Kara. That is the developer whose crash-and-burn signified the collapsing housing bubble had come to New Jersey.

Kinda makes you wonder whether Fishman's angling to be the new Kushner, now that the old Kushner is cashing in his Jersey chips.

According to the Ledger --

...[N]ew details were spelled out in a revised reorganization plan Kara submitted to U.S. Bank ruptcy Court Judge Mark Kaplan yesterday.

Under the proposed plan, Kara's new owner will be Maplewood Homebuilders, a new company comprised of a Connecticut-based hedge fund, Plainfield Specialty Holdings II and Lakewood developer Glen Fishman, a managing partner in the master developer of Asbury Park's oceanfront development.

Plainfield, which lent Kara $7million to fund operations dur ing the bankruptcy, will put up $10million in equity, commit a re volving loan of $26million for construction and is in the process of buying $25million of debt in three developments, said Kara lawyer David Bruck. Fishman will be the point man for company operations.

Meanwhile, back at the ranch, Fishman and crew are scrambling to put up the performance bond (three hundred big ones, I'm told) for the Senior Center project and secure permits in order to actually START WORK on Tuesday, as Mayor Robinson-Briggs has promised.

Night sweats anyone?

Senior Center Groundbreaking Ceremony
Tuesday, July 3, 2007
11:00 AM
East Front Street (across from Bank of America)

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More on Fishman, Kara and Maplewood --

Ledger: "Kara Homes getting new name"

-- Dan Damon

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