Pasquinelli Homes

Pasquinelli Homes
Private
Industry Home construction
Founded 1956 (1956) in Chicago, Illinois
Founders Bruno and Anthony Pasquinelli
Headquarters Burr Ridge, Illinois
Area served
 Nationwide
Brands Portrait Homes, Normandy Homes[1]
Services Home construction
Owners Bruno and Anthony Pasquinelli

Pasquinelli Homes is a Chicago, Illinois based home building company, founded in 1956 by brothers Bruno and Tony Pasquinelli. Other family members helped establish the company's growth such as their brothers Jim and Mike, and cousin Jerry Spezia. It is the fifth largest privately owned home building company in the United States (per number of units sold) according to Builder Magazine's 2007 Builder 100 report.

Pasquinelli Homes initially built only in the Chicago area, but expanded to Colorado and Florida in the early 1970s. Poor market conditions in these areas forced Pasquinelli to stop construction in Florida in 1976, and Colorado in 1986. In 1988, Pasquinelli began building in Charlotte, North Carolina under the name Portrait Homes. Since that time, Pasquinelli has expanded the Portrait Homes brand to markets in South Carolina, Indiana, Texas, Ohio, Georgia, West Virginia and Pennsylvania.

They closed their operation in February 2009.

PCM Mortgage

In October 2003, Pasquinelli Homes partnered with Wells Fargo Home Mortgage to form Pasquinelli Company Mortgage (PCM), which is currently a preferred lender of Pasquinelli-Portrait Homes' Midwest divisions.

Bankruptcy

In April 2011 Pasquinelli Homebuilding LLC filed for Chapter 7 bankruptcy liquidation. The company had apparently succumbed to the previous housing market crash. In US Bankruptcy Court the company testified to having about $10 million to $50 million in liabilities and a bit more than $500,000 to $1 million in assets.[2]

References

  1. ↑ "About Us". Normandy Homes. Retrieved 5 May 2015.
  2. ↑ Behme, Todd J. (8 April 2011). "Pasquinelli files for Chapter 7 liquidation". Chicago Real Estate Daily. Retrieved 5 May 2015.

External links

This article is issued from Wikipedia - version of the Wednesday, May 06, 2015. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.