American Mortgage Acceptance Company Announces Originations of Mezzanine Loans Totaling Approximately $26.5 Million.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- American Mortgage Acceptance Company ("AMAC AMAC Adults Molested As Children AMAC Assistance to Mine-Affected Communities AMAC Aircraft Monitor And Control AMAC Approximate Message Authentication Code AMAC American Military Arms Corporation AMAC Asset Management Assistance Center " or the "Company") (AMEX AMEX See: American Stock Exchange :AMC (Advanced Mezzanine Card) See AdvancedTCA. ) today announced that the Company has recently originated two floating-rate mezzanine loans of approximately $15.9 million and two fixed-rate mezzanine loans of approximately $10.6 million. "We are pleased to announce that AMAC has successfully closed these four mezzanine loans totaling approximately $26.5 million. These new mezzanine loans demonstrate the depth of AMAC's origination capabilities and illustrate the Company's expansion into other asset classes, such as shopping centers, condo conversions and land developments," commented John Garth, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of AMAC. "AMAC's flexibility and speed allows the company to provide several distinct financing structures in accordance with its clients' needs." The following is a brief description of each of the loans originated: --Pasadena Apartments-Condo Conversion - An $8.4 million mezzanine loan to partially fund the acquisition and conversion into condominiums of a 198-unit apartment property in Pasadena, Florida on Boca Ciega Bay, near St. Petersburg and the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . The loan bears interest at a floating rate indexed to one-month London Inter Bank Offering Rate ("LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). "). --222 Pearson Street-Condo Conversion - A $7.5 million mezzanine loan to partially fund the acquisition and conversion to condominiums of a 214-unit apartment property in Downtown Chicago, one block from Lake Michigan and one block from Water Tower Place on the "Miracle Mile". The loan bears interest at a floating rate indexed to one-month LIBOR. --Hearthstone Land Development - A $7.3 million mezzanine loan to partially fund the acquisition of a 61-acre tract of land, construction of infrastructure improvements, and subdivision into 171 lots in Hillsborough Township, Somerset County, New Jersey Somerset County is a county located in the U.S. state of New Jersey. As of 2000, the population was 297,490. It is part of the New York Metropolitan Area. Its county seat is Somerville6. Somerset County has the seventh-highest per capita income of any U.S. . The property is under contract for sale to Ryan Homes, a major publicly traded home builder, in phases as the improvements are completed. The loan bears interest at a fixed rate. --South Brunswick Square Shopping Center - A $3.3 million mezzanine loan to partially refinance the existing debt on a 258,000 square foot retail center in Central New Jersey. The center is anchored by a 105,000 square foot Home Depot (rated "A" by S&P), a 56,000 square foot Stop & Shop grocery (rated "BB+" by S&P), and a 40,000 Bob's (rated "A-" by S&P). The loan bears interest at a fixed rate. About the Company AMAC is a real estate investment trust that specializes in commercial real estate finance. AMAC originates and acquires mezzanine loans, bridge loans, and government-insured first mortgages secured by properties throughout the United States. For more information, please visit our website at http://www.americanmortgageco.com or contact the Shareholder Services Department directly at 800-831-4826. Certain statements in this press release may constitute forward-looking statements within the meaning of the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are detailed in AMAC's Annual Report on Form 10-K for the period ended December 31, 2004, and in its other filings with the Securities and Exchange Commission. Such forward-looking statements speak only as of the date of this press release. AMAC expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in AMAC's expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based. |
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