Transcontinental Realty Investors, Inc. Closes Construction Loan for Its Newest Development, Sawgrass Creek Phase II
July 11 2017 - 8:00AM
Business Wire
Transcontinental Realty Investors (TCI) and Abode Properties
(Abode) recently closed the construction loan on its newest
development, Sawgrass Creek Phase II in New Port Richey,
Florida.
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Transcontinental Realty Investors Inc.'s,
Sawgrass Creek Phase II in New Port Richey, FL designed by BGO
Architects. (Photo: Business Wire)
The luxury Class A property will offer modern amenities such as
a resort style pool and clubhouse, state of the art fitness center,
walking paths with tot lot, bocce ball court, and a fire pit with
benches. The property also offers 66 personal garages, rentable
storage units, and covered bike storage.
New Port Richey, Florida blends nature, beaches, shopping,
restaurants, and culture with a small-town feel. The city hosts
many festivals and special events throughout the year. Its unique
river front landscape and historical downtown and main street make
New Port Richey an exciting place to live.
“Phase II at Sawgrass Creek is a stunning example of our
organization’s strategy to develop land we already own to expand
our asset footprint,” commented TCI’s President and CEO Daniel J.
Moos.
TCI partnered with lender, Synovus Bank, a
Georgia-chartered, FDIC-insured bank. Synovus Bank, together with
its affiliates, provides commercial and retail banking, investment,
and mortgage services to customers through 28 locally-branded
divisions, 248 branches, and 328 ATMs in Georgia, Alabama, South
Carolina, Florida, and Tennessee. Synovus Bank was recognized as
America's Most Reputable Bank by American Banker and the Reputation
Institute in 2017, and was named “Best Regional Bank, Southeast” by
MONEY Magazine for 2016-17.
“We are very pleased to be working with TCI on financing this
development. These will be great new units in an area that is
experiencing nice growth,” added Stephen Hodges, Director, Synovus
Corporate CRE Banking.
Transcontinental Realty Investors
(www.transconrealty-invest.com) maintains a strong emphasis on
creating greater shareholder value through acquisition, financing,
operation, developing, and sale of real estate across every
geographic region in the United States. A New York Stock Exchange
company, Transcontinental is traded under the symbol "TCI".
Transcontinental produces revenue through the professional
management of apartments, office buildings, warehouses, and retail
centers that are "undervalued" or "underperforming" at the time of
acquisition. Value is added under Transcontinental ownership, and
the properties are repositioned into higher classifications through
physical improvements and improved management. Transcontinental
also develops new properties, such as luxury apartment homes
principally on land it owns or acquires.
Abode Properties is a subsidiary of Transcontinental Realty
Investors Inc., (NYSE: TCI), a Dallas-based real estate investment
company. Abode’s investment and strategic focus is to acquire,
develop, and operate a portfolio of desirable multifamily
residential properties, while capitalizing on our ability to obtain
long term and static debt structures. The portfolio stands to
benefit from historically established, proven, and successful
operational practices, seasoned on-site management, and an
experienced leadership team with forward thinking capabilities in
order to realize maximum cash flows and consistent returns,
while maintaining unequaled resident and customer service. We are
disciplined and prudent allocators of capital and we will continue
growing our geographically diverse portfolio from the Southwest to
the Southeast. These markets are geographically located in areas of
the country that correspond with both sustainable and viable
economic growth activity.
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version on businesswire.com: http://www.businesswire.com/news/home/20170711005597/en/
Pillar Income Asset ManagementChris Childress,
469-522-4275press@pillarincome.com
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