Calprop Reports $39.2 Million in Debt Commitments; Company Obtains Commitments With Lowe Enterprises Residential Partners and Imperial Bank.MARINA DEL REY, Calif.--(BUSINESS WIRE)--Sept. 14, 1998--Calprop Corp. (OTC BB:CLPO), a California and Colorado home builder, Monday stated that Calprop has entered into an agreement with Lowe Enterprises Residential Partners ("LERP LERP - /lerp/ vi., Quasi-acronym for Linear Interpolation, used as a verb or noun for the operation. "Bresenham's algorithm lerps incrementally between the two endpoints of the line."") and Imperial Bank to provide $9.7 million in mezzanine debt for the acquisition and land development and $29.5 million in senior debt for the construction, respectively, of Parc PARC PARC is located in the Stanford University Industrial Park in Palo Alto, California. (Image courtesy of Palo Alto Research Center; Brian Tramontana, photographer.) Metropolitan, Calprop's new 382-unit attached product development, located in Milpitas, Calif. "We are thrilled with this first commitment from LERP and are pleased with the continuing relationship with Imperial Bank. Both have combined to secure the development of this $100.0 million project, and greatly enhance the profit potential of Calprop over the next two years," reported Victor Zaccaglin, chairman and chief executive officer. "Being associated with LERP, an outstanding organization, speaks to the success of our continued efforts to improve the financial strength of Calprop. Additionally, Imperial Bank has committed $29.5 million in construction financing for the first phase of each of three attached products that will be built at Parc Metropolitan. "With LERP and Imperial Bank providing the financing and our partner, Recreations Group of Companies, their exceptional planning, design and marketing talents, we have assembled a powerful team to provide much needed housing in the Silicon Valley. These commitments, coupled with our newly created Denver division, speak to a return to our pre-1990s history of profitability," Zaccaglin concluded. Calprop, based in Marina del Rey, builds quality homes in some of the most desirable communities in both Northern and Southern California and the greater Denver area. The company's common stock is traded on the OTC Bulletin Board under the symbol CLPO.
CONTACT: Calprop Corp., Marina del Rey
Mark F. Spiro, 310/306-4314
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