Atlantic Gulf Communities sells commercial receivables.MIAMI--(BUSINESS WIRE)--July 22, 1996--Atlantic Gulf Communities Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AGLF AGLF Association for Governmental Leasing and Finance AGLF Asian Government Leaders Forum ) announced the sale of $19.8 million of its commercial mortgages receivables portfolio to AGCR AGCR Advanced Gas Cooled Reactor AGCR Alabama and Gulf Coast Railway AGCR Asymptotic Global Confidence Region Limited Partnership. Atlantic Gulf will retain a partnership interest through a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , and will continue to service the portfolio. The sale, which was financed by Harbourton Residential Capital Co. Ltd. of Virginia, will initially net the company approximately $13.3 million. The portfolio consists of mortgages and notes on the sale of commercial, industrial and unimproved residential property scattered Scattered Used for listed equity securities. Unconcentrated buy or sell interest. throughout Atlantic Gulf's communities in Florida. The proceeds of the sale/financing will be used to pay corporate debt. Atlantic Gulf Communities Corp., with assets of more than $285 million, is one of Florida's largest real estate developers. The company develops finished residential lots for builders in many of Florida's most active markets including South Florida, Tampa, Orlando and Jacksonville, in addition to owning 44,000 acres in other parts of Florida, and 5,500 acres in the Cumberland Pleateau area of Tennessee. Headquartered in Miami, the company is a proven leader in professional development services, and is known for its leadership role in environmental quality. CONTACT: Atlantic Gulf Communities Corp., Miami Harry Rose, 305/859-4376 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion