• The Blackstone Group and K. Honanian Companies have formed a partnership in which Blackstone will put up to $125 million into land-banking lots Hovnanian has identified and then sell them to the home builder in segments after construction.
• So far, the partnership has locked up 620 lots for $65 million in land costs and financing development later.
• Blackstone also swapped unsecured notes it held for Hovnanian shares of stock, which has been rising as many economists say home prices have bottomed and as housing starts increase.

From the article:

The Blackstone Group, which has begun significant investments in a recovering national housing market, has committed up to $125 million in a land-bank arrangement with the homebuilder Hovnanian Enterprises, which is based in New Jersey.