Calprop receives $6.3 million in new capital.LOS ANGELES--(BUSINESS WIRE)--March 28, 1995--Calprop Corp. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :CPP cpp - C preprocessor. ), a California home builder, Tuesday reported that the company is receiving $6.3 million in a combination of cash and a debt commitment. The California Department of Transportation The California Department of Transportation (Caltrans) is a government agency in the U.S. state of California. Its mission is to improve mobility across the state. It manages the state highway system and is actively involved with public transportation systems in California. has paid the company a $2.3 million judgment to complete an eminent domain eminent domain, the right of a government to force the owner of private property sell it if it is needed for a public use. The right is based on the doctrine that a sovereign state has dominion over all lands and buildings within its borders, which has its origins in lawsuit that commenced in November 1992 and was adjudicated on Feb. 1, 1995. Additionally, a private financing source has committed $4 million for a deed of trust A document that embodies the agreement between a lender and a borrower to transfer an interest in the borrower's land to a neutral third party, a trustee, to secure the payment of a debt by the borrower. with interest and profit participation with Calprop in developing a 120-lot project in the Elk Grove area of Sacramento County, Calif. "With this $6.3 million capital infusion, Calprop is in the strongest financial position we've held in the past five years," stated Victor Zaccaglin, the company's chairman and chief executive officer. "The $2.3 million cash settlement provides the working capital necessary to support our growth in 1995. The $4 million in private capital finances a two-year project in a strong market. This infusion is excellent news for our company and our shareholders." Calprop, based in Los Angeles, builds quality homes in some of the most desirable communities in both Northern and Southern California. CONTACT: Calprop Corp., Los Angeles Mark INDUSTRY KEYWORD: REAL ESTATE BUILDING/CONSTRUCTION REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or 80 |
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