American Safety Financial Corp. Assists Santa Fe Hotel in Acquisition and Financing of Suburban Washington, D.C. Office Building.Business Editors HAMILTON, Bermuda--(BUSINESS WIRE)--April 4, 2001 American Safety Insurance Group, Ltd. (NYSE NYSE See: New York Stock Exchange : ASI ASI, n See Anxiety Sensitivity Index. ) today announced that its U.S. financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. subsidiary, American Safety Financial Corp., has successfully assisted its client, Santa Fe Santa Fe, city, Argentina Santa Fe, city (1991 pop. 341,000), capital of Santa Fe prov., NE Argentina, a river port near the Paraná, with which it is connected by canal. Hotel, Inc., in the identification and negotiation of the $62.6 million acquisition of the GE Technology Park, located in Gaithersburg, Maryland, a suburb of Washington, D.C., and in obtaining a $55.4 million permanent real estate loan in connection with the acquisition. The property consists of a 51-acre site containing a 341,000 square foot commercial office building which is occupied by GE Information Services (networking, company) GE Information Services - One of the leading on-line services, started on 1st October 1985, providing subscribers with hundreds of special interest areas, computer hardware and software support, award-winning multi-player games, the most software files in the , Inc. under a long term lease. The transaction was structured as an exchange under Section 1031 of the Internal Revenue Code The Internal Revenue Code is the body of law that codifies all federal tax laws, including income, estate, gift, excise, alcohol, tobacco, and employment taxes. These laws constitute title 26 of the U.S. Code (26 U.S.C.A. § 1 et seq. . Commenting on the transaction, Lloyd A. Fox, President and Chief Executive Officer, stated, "We are very pleased to announce the successful closing of this transaction, in which our financial services subsidiary assisted its client not only in identifying the property for acquisition, but also in negotiating the purchase and arranging favorable financing for the acquisition. American Safety Financial Corp. specializes in providing comprehensive financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal to middle market businesses, including corporate finance, cash flow based financing, asset based financing, mergers and acquisitions, leveraged buyouts and specialty real estate financing." American Safety Insurance Group, Ltd. is a specialty insurance and financial services company which, through its subsidiaries, develops, underwrites, manages and markets primary casualty insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. programs in the alternative insurance market for environmental risks and other specialty risks, and provides a broad range of financial services and products to middle market businesses. Additional information about American Safety can be found at: http://www.americansafetygroup.com. This press release contains forward-looking statements. These forward-looking statements reflect the Company's current views with respect to future events and financial performance. Forward-looking statements involve risks and uncertainties which may cause actual results to differ, and are subject to change based on various factors, including competitive conditions in the insurance industry, unpredictable developments in loss trends, changes in loss reserves, market acceptance of new coverages and enhancements, changes in reinsurance costs and availability, changes in levels of general business activity and economic conditions. With respect to the development of the Harbour Village property, such forward-looking statements involve risks and uncertainties which may cause actual results to differ, and are subject to change based on various factors, including competitive housing conditions housing conditions npl → condiciones fpl de habitabilidad housing conditions npl → conditions fpl de logement in the local market area, risks inherent in new construction, changes in interest rates and the availability of mortgage financing for prospective purchasers of condominium units and boat slips, and changes in local and national levels of general business activity and economic conditions. For additional factors which could influence the results of the Company's operating and financial performance, see the Company's filings with the Securities and Exchange Commission. |
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