Credit Re Mortgage Capital Arranges $136 Million Credit Enhancement Facility for Gables Residential.NEW YORK--(BUSINESS WIRE)--April 6, 1998--Credit Re Mortgage Capital, L.L.C. ("CMC (Common Messaging Calls) A programming interface specified by the XAPIA as the standard messaging API for X.400 and other messaging systems. CMC is intended to provide a common API for applications that want to become mail enabled. 1. ") today announced that it had closed a $136 million AA-rated credit enhancement for Gables Residential Trust (NYSE NYSE See: New York Stock Exchange :GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ), facilitating Gables' acquisition of Trammell Crow Residential-South Florida. In March, Gables, a leading owner/operator of luxury multifamily communities in the Southeast and Southwest, announced that it would acquire the assets and operations of Trammell Crow Residential-South Florida for cash, operating units and the assumption of $136 million of tax-exempt debt. CMC's facility guarantees bondholders the timely payment of interest and principal, and allowed the tax-exempt debt to be assumed by Gables. The facility was structured, underwritten and closed by CMC and Gables in 30 days. CMC is a joint venture between Credit Suisse First Boston's (CSFB CSFB Credit Suisse First Boston CSFB Cyclically Shifted Filter Bank ) Principal Transaction Group (PTG PTG Polymer Technology Group PTG Play The Game (online gaming) PTG Pietersburg, South Africa (Airport Code) PTG Pearson Technology Group (Canada) ) and The Related Companies, L.P., a fully integrated national real estate firm. CMC is a merchant bank that provides debt and equity for the development, acquisition and refinancing of affordable multifamily housing. For more information, contact Edward W. Marron, Jr. or Daniel Nussbaum at (212) 421-5580. CONTACT: Principal Communications Doug Donsky (212) 303-7608 |
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