Davis Polk & Wardwell advised Citigroup Global Markets Inc., Wachovia Capital Markets, LLC and Credit Suisse Securities (USA) LLC as joint book-running managers and representatives of the underwriters on an SEC-registered offering by Hovnanian Enterprises, Inc. of approximately $133 million of common stock.

Hovnanian Enterprises, Inc. is headquartered in Red Bank, New Jersey, and is one of the nation’s largest builders of residential homes.

The Davis Polk corporate team included partner Michael Kaplan and associates Jeff Ramsay and Ezgi Kaya (not yet admitted). Partner Gail A. Flesher provided environmental advice. Partner Harry Ballan and associate Catherine P. Tennant provided tax advice. Maxwell Sandgrund was the legal assistant for the transaction. All members of the Davis Polk team work in the New York office.