Citigroup CCDE Provides UrbanAmerica with $75 Million Line of Credit for Future Commercial Real Estate Development.Business Editors NEW YORK--(BUSINESS WIRE)--February 26, 2001 Citigroup Center for Community Development Enterprise (CCDE CCDE Corporate, Continuing, and Distance Education CCDE Cisco Certified Design Expert ) has provided UrbanAmerica with a $75 million line of credit to be used to finance the acquisition and improvement of properties leased to commercial and social services social services Noun, pl welfare services provided by local authorities or a state agency for people with particular social needs social services npl → servicios mpl sociales tenants in low- and moderate-income (LMI LMI Labor Market Information LMI Local Management Interface LMI Logistics Management Institute LMI Linear Matrix Inequality LMI Legemiddelindustriforeningen (Norway) LMI Low to Moderate Income LMI Lender's Mortgage Insurance ) communities. Dedicated to fiscally and socially responsible commercial real estate investment as a means for improving entire neighborhoods, UrbanAmerica is in the process of identifying and evaluating potential communities that could benefit from this line of credit. UrbanAmerica also helps to create jobs by employing local vendors to service its properties and brings a long-term focus to property management, maintenance and security. "Promoting sustainable economic development in underserved inner cities results in economically vibrant and stable neighborhoods," said Mary Cosgrove, Citigroup CCDE Director of Community Development Finance for the NYC NYC abbr. New York City NYC New York City metropolitan area. "Our partnership with UrbanAmerica demonstrates Citigroup's strong and continued commitment to serving the communities and neighborhoods where we do business." "UrbanAmerica is delighted to have been able to work with one of our very early equity investors, Citigroup, in crafting an acquisition line that provides us with certain flexibilities that we need in our acquisitions program going forward," said Hal Reiff, Chief Financial Officer for UrbanAmerica. "Citigroup's dedication to furthering the needs of our markets makes the company a powerful ally that is willing to commit debt and equity dollars towards helping us achieve our mission." Citigroup CCDE also invested $5 million in UrbanAmerica's equity fund portfolio in 1999. This fund has provided UrbanAmerica with capital to purchase for renovation numerous commercial and retail properties located in LMI neighborhoods across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Citigroup created the Center for Community Development Enterprise as part of the $115 billion community commitment it made in 1998. Working with local and community partners, CCDE will lend and invest $6 billion through the year 2008. CCDE is a business unit that harnesses the resources and skills of Citibank, Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. , CitiMortgage and the Citigroup Foundation to help satisfy broad lending and investing needs. Those involved in community development who would like to explore how Citigroup's CCDE could assist them with their financing needs should visit our web site at: www.citigroup.com/citigroup/homepage/comunity/index.htm to locate the community lending director for your region of the United States. Citigroup Center for Community Development Enterprise is a business unit of Citigroup (NYSE NYSE See: New York Stock Exchange :C), the preeminent global financial services company which provides some 130 million consumers, corporations, governments and institutions in more than 100 countries with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. The 1998 merger of Citicorp and Travelers Group brought together such brand names as Citibank, Travelers, Salomon Smith Barney, CitiFinancial and Primerica under Citigroup's trademark red umbrella. Additional information may be found at http://www.citigroup.com. UrbanAmerica is the country's preeminent vehicle for fiscally and socially prudent investment in inner-city commercial real estate. Its investment partners include Deutsche Bank; J.P. Morgan; Citigroup; Constellation Energy Group's Pension Fund; General Mills Pension Fund; The Prudential Insurance Company of America; Summit Bank; The Heron Foundation; Equitable Life Assurance Society; PNC PNC Purdue University North Central (Westville, Indiana) PnC Point 'n Click PNC Police National Computer PNC People's National Congress (Guyana) PNC People's National Congress Bank Corp; The Dime Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Washington Mutual and others. UrbanAmerica currently owns a portfolio of retail and office properties valued in excess of $165 million. UrbanAmerica brings an experienced, long-term real estate ownership strategy and institutional equity to under-served inner-city communities that deliver solid returns and CRA See Community Reinvestment Act. benefits to its investors. |
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