Equus II Incorporated Announces Investment in Real Estate Sector
December 06 2005 - 5:19PM
PR Newswire (US)
HOUSTON, Dec. 6 /PRNewswire-FirstCall/ -- Equus II Incorporated
(NYSE:EQS) (the "Fund") announces the completion of $4.25 million
in mezzanine debt to Creekstone Florida Holdings, L.L.C. to develop
Creekstone's Island Reserve condominium project. The Florida
development consists of 299 condominium homes and townhomes in
Panama City. The investment represents the fund's first in the real
estate market. Creekstone is one of the nation's most prominent,
vertically integrated, full service real estate development
companies. With over $600 million in total investments, Creekstone
is a well-established name in the real estate development and
management marketplace. Creekstone concentrates on institutional
quality assets, each generally less than $75 million in total cost,
within geographic regions that maintain long-term employment and
strong population growth trends. "Creekstone's past performance and
development strategy satisfy the fund's established criteria of
investing in areas that we believe will enhance shareholder value,"
commented Sam P. Douglass, Co-Chairman of Equus. "We believe the
current real estate market provides excellent opportunities for
growth. We are also excited about this investment because it
provides the fund's first entry into real estate, which is
representative of our strategy to invest in attractive millennium
growth trends," said Anthony Moore, Co-Chairman, CEO and President
of Equus. "Creekstone is delighted to have Equus as our partner in
the Island Reserve development project. We hope our relationship
develops into an ongoing investment partnership that will be
beneficial to all parties and shareholders," stated Everett
Jackson, Principal and Co-founder of Creekstone. Equus II
Incorporated is a business development company that trades as a
closed-end fund on the New York Stock Exchange, under the symbol
"EQS". Additional information on Equus II Incorporated may be
obtained from Equus' website at http://www.equuscap.com/ This press
release may contain certain forward-looking statements regarding
future circumstances. These forward-looking statements are based
upon the Company's current expectations and assumptions and are
subject to various risks and uncertainties that could cause actual
results to differ materially from those contemplated in such
forward-looking statements including, in particular, the risks and
uncertainties described in the Company's filings with the
Securities and Exchange Commission. Actual results, events, and
performance may differ. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
to the date hereof. The Company undertakes no obligation to release
publicly any revisions to these forward-looking statements that may
be made to reflect events or circumstances after the date hereof or
to reflect the occurrence of unanticipated events. The inclusion of
any statement in this release does not constitute an admission by
the Company or any other person that the events or circumstances
described in such statements are material. CONTACT: BRETT CHILES
(713-529-0900) DATASOURCE: Equus II Incorporated CONTACT: Brett
Chiles of Equus II Incorporated, +1-713-529-0900 Web site:
http://www.equuscap.com/
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