Callahan Inc.

Experience matters┬áIn the current difficult construction climate, itÔÇÖs useful to have experienced hands on board, as Jeff Daniels learns. In one persona or another, the Callahan family has been building things for over a half century, since the time the present presidentÔÇÖs father set up shop in Bridgewater, Massachusetts, in 1954ÔÇöprimarily as a builder of residential properties to cater to the baby boom generation.So it follows that the various organizations within the Callahan Group have prospered through many a period of boom but more importantly, also lived through the inevitable pendulum swing when overheated bubbles burst. Therefore, while the current financial difficulties are severe, they arenÔÇÖt anything that hasnÔÇÖt been seen before and successfully coped with.In fact, the ability to finance a project is probably the most important challenge faced at any time and with all development projects. So itÔÇÖs not surprising that many a creative solution has been found over the years, based on a comprehensive analysis of the project and a deep understanding of capital markets. Although the Callahan business started in residential properties, it wasnÔÇÖt long before it diversified into commercial and public projects, a mix that has remained to this day, long after the original founder of John T. Callahan and Sons retired and John Callahan III took over as president, running the business with his four brothers.┬á John T. Callahan and Sons has now been re-branded in a more streamlined way as JT Callahan but still has its headquarters in Bridgewater. To prepare them for their managerial destiny, the Callahan brothers have all worked in every department, amassing invaluable personal experience of their own business and the industry at large.Within the group is Global Property Developers Corporation, headed by Steve Callahan and engaged in developing residential and commercial properties throughout the New England region with joint venture and equity partners, investors and landowners. John Callahan is CEO of JTC III Development in Florida, undertaking a similar array of projects as the holding company further north. Recently completed Florida projects include a school in St. Augustine; a 44,000-square-foot office building in Maitland; $17 million in terminal improvements at Orlando International Airport; and a 379-unit, 10-building apartment complex in Sanford.Finally there is Callahan Inc., the construction arm of the group headed by Patrick Callahan, whose clients include many blue chip names from the world of retailing such as Wal-Mart, LoweÔÇÖs, Papa GinoÔÇÖs and Fresh City. Large residential projects include 55-plus communities, high-rise condos, multi-use and mixed-use properties. Most of CallahanÔÇÖs work comes from repeat clients and is in the private sector, and despite the difficult financial climate, it has work booked through 2010. Although the Callahan name is ubiquitous within the group, the business has attracted plenty of other talented and experienced executives. Dennis Sheehan is vice president of Global Property Developers. As a certified public accountant, Sheehan undertakes feasibility studies and the fiscal structuring of real estate agreements, working with investors and regulatory agencies and calling on more than 35 years of experience in construction and real estate finances within and outside Callahan Group operations. Carl Pearson is responsible for site acquisition, development team assembly, project analysis, project operations, project management and permitting oversight. As well as managing large environmental engineering firms, Pearson has owned and operated construction companies in his own right. Since joining the group in 2004, he has managed development projects totaling hundreds of millions of dollars.Another experienced all-rounder is Joseph Madonia, who, as the former owner of P. Madonia Construction, brings 40 years of real estate acquisition, development, construction and project management experience and an enviable network of contacts in the construction industry. With extensive experience in construction, group members are uniquely qualified to control the construction cost of any project and have established long working relationships with leading financial institutions and joint venture partners including: New Boston Fund, TD Banknorth, Bank of America, Anglo Irish Bank, Bank Atlantic, Mercantile Bank, Holiday Fenoglio, Fowler, LLP, PNC Bank, Indy Mac Bank, FNMA, Crown Bank and a host of others. All in all, a reassuring collection of wise heads and experienced hands.┬á