All amounts are in $US Dollars unless otherwise
stated
TORONTO, Jan. 18, 2017 /CNW/ - Firm Capital American
Realty Partners Corp. ("the "Company"), (TSXV : FCA.U) is
pleased to announce that the Company has closed its previously
announced investment in a 115 unit apartment building joint venture
located in the Washington, D.C.
area (the "Property").
The Property, which consists of eight buildings, is located in
Brentwood, Maryland and is
considered as being part of the Washington D.C. area, was acquired for
$9.8 million (including closing
costs) and at a 7.6% going-in capitalization rate. The Property was
purchased, in part, through the assumption of two mortgages
totalling $7.8 million, with a
weighted average interest rate of 5.18%. The Company, along with a
consortium of investors (collectively the "Firm Capital
Group") acquired a 50% interest in the joint venture (the
"Joint Venture") alongside a local owner/property manger
(collectively the "Partners") from the Baltimore area who, along with the Firm
Capital Group, collectively funded the residual equity. The Company
has a 50% interest in the Firm Capital Group's investment.
ABOUT FIRM CAPITAL AMERICAN REALTY PARTNERS CORP.
Firm
Capital American Realty Partners Corp. focuses on capital
partnership investing in U.S. income producing real estate &
mortgage debt investments.
The Company is focused on the following investment
platforms:
- Income Producing Real Estate Investments: Acquiring
income producing U.S. real estate assets in major cities across
the United States. Acquisitions
are completed solely by the Company or in joint-venture partnership
with local industry expert partners who retain property management;
and
- Mortgage Debt Investments: Real estate debt and equity
lending platform focused on major cities across the United States. Focused on providing all
forms of bridge mortgage loans and joint venture capital.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
Certain information in this news release
constitutes forward-looking statements under applicable securities
law. Any statements that are contained in this news release that
are not statements of historical fact may be deemed to be
forward-looking statements. Forward-looking statements are often
identified by terms such as "may", "should", "anticipate",
"expect", "intend" and similar expressions. Forward-looking
statements in this news release include, but are not limited to,
statements regarding the Company's intended use of the net proceeds
of the Rights Offering; the Company's intention to complete any
current or future proposed acquisitions; anticipated returns on its
Joint Venture Investments in Washington
D.C.; the anticipated closing date for the Joint Venture and
the closing date for the Consolidation.
Forward-looking statements necessarily involve known and unknown
risks, including, without limitation, risks associated with general
economic conditions; adverse factors affecting the U.S. real estate
market generally or those specific markets in which the Company
holds properties; volatility of real estate prices; inability to
complete the Company's single family property disposition program
or debt restructuring in a timely manner; inability to access
sufficient capital from internal and external sources, and/or
inability to access sufficient capital on favourable terms;
industry and government regulation; changes in legislation, income
tax and regulatory matters; the ability of the Company to implement
its business strategies; competition; currency and interest rate
fluctuations and other risks, including those described in the
Company's public disclosure documents on SEDAR at
www.sedar.com.
Readers are cautioned that the foregoing list is not exhaustive.
Readers are further cautioned not to place undue reliance on
forward-looking statements as there can be no assurance that the
plans, intentions or expectations upon which they are placed will
occur. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward- looking statements contained in this news release are
expressly qualified by this cautionary statement.
Neither the Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
Additional information about the Company is available at
www.firmcapital.com or www.sedar.com.
SOURCE Firm Capital American Realty Partners Corp.