American Spectrum Realty Obtains $6M in New Working Capital Financing
07 Enero 2014 - 8:10AM
Business Wire
American Spectrum Realty, Inc. (NYSE MKT: AQQ) – a real estate
investment, management and leasing company – today announced that
it had obtained a new working capital loan of $6 million.
“These funds allow us to invest in managing the assets of a
recently-acquired portfolio of real property, acquire additional
properties and portfolios to manage as well as to invest in
improving properties for investor/partners in our legacy
portfolio,” according to William J. Carden, American Spectrum’s
CEO.
Dunham & Associates Holdings, Inc. has agreed to loan $6
million to American Spectrum Dunham Properties LLC, a wholly-owned
subsidiary of American Spectrum Realty, Inc. The first tranche in
the amount of $3 million was advanced on January 3, 2014. A second
$3 million advance will be made within 90 days. The five year
interest-only loan bears simple interest at 8% per annum during the
first year and 12% per annum for remainder of the term. All accrued
interest and unpaid principal outstanding is due in full in five
years.
American Spectrum Realty, Inc. issued to Dunham & Associates
Holdings, Inc. five-year warrants exercisable for 600,000 shares of
its common stock at a price per share of $2.00 for arranging the
loan.
ABOUT AMERICAN SPECTRUM REALTY, INC.
American Spectrum Realty, Inc. is a real estate investment
company that owns, through an operating partnership, interests in
office, industrial self-storage, retail and multi-family properties
throughout the United States. American Spectrum Management Group,
Inc., a wholly-owned subsidiary of the Company, manages and leases
all properties owned by American Spectrum Realty, Inc. as well as
for third-party clients. American Spectrum Management Group, Inc.
provides first-class management and leasing services for office,
industrial, retail, self-storage, student housing and multi-family
properties totaling 10 million square feet in multiple states.
Website: www.americanspectrumrealty.com
FORWARD LOOKING STATEMENTS
Certain matters discussed in this release are forward-looking
statements that are subject to risks and uncertainties that could
cause actual results to differ materially from those projected,
including the risks and uncertainties of acquiring, owning,
operating and disposing of real estate. Such risks and
uncertainties are disclosed in the Company's past and current
filings with the U.S. Securities and Exchange Commission.
American Spectrum Realty, Inc.Elisa Grainger,
CFO949-825-6409egrainger@americanspectrum.com
American Spectrum (AMEX:AQQ)
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