Firm Capital Apartment Real Estate Investment Trust
September 22 2020 - 4:21PM
Firm Capital Apartment Real Estate Investment Trust (the
“
Trust”), (TSXV: FCA.U), (TSXV: FCA) is
pleased to announce it has closed the previously
announced joint venture with an unrelated third party to acquire
a $37.5 million multi-family residential property
located in the Washington D.C. Metro Area.
The Trust has closed the North Pointe Apartments
(“North Pointe” or the
“Property”), a 235-unit, multi-family residential
property located in Hyattsville, Maryland. The joint venture
purchased the property for $37.5 million or
approximately $159,575 per unit ($217 per square
foot), representing a 5.7% capitalization rate. The Property was
financed with a new first mortgage for approximately $29.7 million
with an approximate 3.0% interest rate. The terms of the financing
include a four-year interest-only or I/O period, 30 year
amortization and a twelve year term. The remaining capital
requirement, including closing and working capital, is
approximately $10.8 million and was funded through $6.8 million of
common equity held 50% by the Trust and 50% by the unrelated third
party, with the remaining $4.0 million funded as preferred equity
at an 8% rate of return, held 100% by the Trust.
ABOUT FIRM CAPITAL APARTMENT REAL ESTATE
INVESTMENT TRUST Firm Capital Apartment Real Estate
Investment Trust is a U.S. focused real estate investment trust
that pursues multi-residential income producing real estate and
related debt investments on both a wholly owned and joint venture
basis. The Trust has ownership interests in a total of 2,308
apartment units diversely located in Florida, Connecticut, Texas,
New York, New Jersey, Georgia and Maryland.
CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTSCertain 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 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 Trust holds properties; volatility of real
estate prices; 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
Trust to implement its business strategies; competition; currency
and interest rate fluctuations and other risks. Additional risk
factors that may impact the Trust or cause actual results and
performance to differ from the forward looking statements contained
herein are set forth in the Trust's Annual Information Form under
the heading Risk Factors (a copy of which can be obtained under the
Trust's profile on 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. Except as
required by applicable law, the Trust undertakes no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise.
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.
For further information, please contact: |
|
|
|
Eli
Dadouch |
Sandy
Poklar |
President
& Chief Executive
Officer |
Chief
Financial Officer |
(416)
635-0221 |
(416)
635-0221 |
|
|
For Investor
Relations information, please contact: |
|
|
|
Victoria
Moayedi |
|
Director,
Investor Relations |
|
(416)
635-0221 |
|
Firm Capital Apartment R... (TSXV:FCA.U)
Historical Stock Chart
From Mar 2024 to Apr 2024
Firm Capital Apartment R... (TSXV:FCA.U)
Historical Stock Chart
From Apr 2023 to Apr 2024