Athena Group Closes Fund.Business Editors NEW YORK--(BUSINESS WIRE)--June 10, 2003 The Athena Group, L.L.C. is pleased to announce the closing of Athena Real Estate Partners, L.P. and Athena Overseas Investors Trust, which together form an opportunistic real estate fund focusing primarily on residential asset investments in the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , greater Washington, D.C., and South Florida markets. Athena raised approximately $50 million of equity from a number of high net worth investors, which when combined with co-investment equity and the use of leverage will give the fund in excess of $500 million of buying power Buying Power The money an investor has available to buy securities. In a margin account, the buying power is the total cash held in the brokerage account plus maximum margin available. Also referred to as "Excess Equity. . This is the first commingled fund Commingled Fund A type of mutual fund consisting of assets from several accounts that are blended together. Sometimes called a "pooled fund." Notes: They are "commingled" to reduce the costs of managing them separately. raised by Athena which was founded in 1993 and is currently headed by President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Louis M. Dubin and 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. Robert K. Vahradian. Athena's senior management has an average of 16 years of real estate industry experience. Currently, Athena has closed four investments in the fund and is actively pursuing several transactions. Closed transactions include two condominium conversions: 43 West 64th Street across from Lincoln Center in Manhattan and The Waverly at South Beach in Miami, Florida. Morgan Stanley advised Athena and acted as exclusive placement agent for the fund. |
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