Delavaco Residential Properties Corp. Secures Mortgage Financing
June 26 2014 - 7:30AM
Marketwired
Delavaco Residential Properties Corp. Secures Mortgage Financing
TORONTO, ON--(Marketwired -
June 26, 2014) - Delavaco Residential Properties Corp.
("Delavaco" or "the Company") (TSX-VENTURE:
DVO.U) (OTCQX: DELAF)
announced today the company has secured financing through FirstKey
Lending, LLC, on 120 unencumbered homes in Dekalb, Fulton and
Clayton counties in the state of Georgia. The USD $4 million loan
is offered at a highly competitive, fixed rate and has a maturity
date of July 1, 2019.
"This financing comes at a great time for the company and will
allow us to move forward on business initiatives," commented Andrew
DeFrancesco, Chief Executive Officer. "Perhaps more importantly, we
have established a new relationship with a lender in the U.S. with
deep roots in this type of financing and a thorough understanding
of our business."
About Delavaco Residential Properties Corp.
Delavaco Residential Properties Corp. was formed on January 27,
2011 to take advantage of the U.S. housing crisis with the goal of
significant capital appreciation through the recovery of the
housing sector. Now a public company, Delavaco has its shares
listed for trading on the TSX Venture Exchange and the OTCQX
marketplace in the U.S. Delavaco is focused on the ownership and
management of single and multi-family residential properties
located principally in the south-eastern United States. Delavaco's
real estate portfolio consists of 525 single-family homes in
Florida, 298 single-family homes in Georgia, 311 multi-family units
in Florida and Texas and 96 multi-family units in New Jersey.
Delavaco also manages a 316 multi-family unit portfolio in
Hollywood Florida. Delavaco's acquisition strategy involves the
identification and purchase of under-valued residential properties
located in highly populated and dynamic urban centers within the
lower to middle income demographic sector with tenants who qualify
for government funding under the United States rental voucher
assisted program. Delavaco's security holders include some of the
leading Canadian institutional investors and real estate holding
companies.
About FirstKey
FirstKey offers a full suite of specialty real estate financing
products and loan servicing solutions to customers across the
United States. Backed by Cerberus Capital Management, L.P., one of
the world's leading private investment firms, FirstKey provides
loans of $100,000 to $500 million across a variety of products
tailored to both residential and commercial borrowers, including
owners of one- to four-family residential rental properties.
Through a team of professionals with decades of experience at
leading financial institutions, FirstKey has the strength and
stability to provide a wide range of real estate financing products
for all sectors of the industry. For more information about
FirstKey, please visit http://www.firstkeyholdings.com/.
Additional information about Delavaco Residential Properties
Corp. is available at www.delavacoproperties.com or
www.sedar.com.
For more information please contact: Lisa-Marie Iannitelli
Director of Investor Relations & Business Development Delavaco
Residential Properties Corp. The Exchange Tower 130 King Street
West, Suite 2210 Toronto, ON M5X 1A9 Phone: (416) 362-4441
E-mail: Email contact
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