Stonehaven to Change Name, Relocate

Stonehaven Realty Trust, Minneapolis, has announced the adoption of a corporate repositioning plan in concert with Paragon Real Estate Development LLC, Cleveland, under which Stonehaven would change its name and relocate to Cleveland.The plan, which calls for the company to change its name to Paragon Real Estate Equity and Investment Trust, reflects a national strategy of acquiring, developing, and redeveloping real estate and includes an improved capital stock structure and the appointment of four new trustees, Stonehaven said. The four trustees are: James C. Mastandrea, a former chairman and chief executive officer of First Union Real Estate Investments, who was appointed chairman; John J. Dee, a former senior vice president and chief accounting officer of First Union REI; Daniel G. DeVos, chairman and CEO of DP Fox Enterprises; and Michael T. Oliver, director of investments at the Alaska State Pension Fund. In addition, Mr. Mastandrea was named president of Stonehaven and Mr. Dee was named senior vice president.