Under a slightly different name, the management team of the company that had become the Atlanta area's fourth-largest pre-recession homebuilder, The Providence Group, is running a revised and revived business.
The Providence Group of Georgia LLC is the new entity formed by JBGL Builder Finance, a subsidiary of JGBL Capital, Builder Online reports.
JGBL Builder Finance got a portfolio that includes 565 lots and 114 completed single-family homes, townhouses, and condos in four communities along with land for 11 custom home sites and title to or options on 414 lots in four other Atlanta-area communities.
“Providence was the only builder we looked at that hadn’t been sued by its lenders. That counts for something in this market,” JGBL principal Matt Baynham told the magazine. Providence founder Warren Jolly and his son still run the company.
JGBL Capital is, Builder Online said, "a 3½-year-old boutique real estate investment firm. It has provided capital requirements and developed land in Colorado, Texas, and North Carolina for several builders, including David Weekley Homes, PulteGroup, Meritage Homes, and Harmony Homes."
