AFC's revolving deal.
The equity revolver facility was closed on behalf of a mid-western based real estate development firm, which had built several of the properties, and needed significant capital for a major expansion of its portfolio of "Value Place" properties which provide a short-term residential alternative to traditional hotels or extended-stay facilities.
Paul Fried, an AFC principal, placed the transaction with an institutional private equity fund. "The institutional fund provided a facility that could fund as many as 75 properties over the next several years, with the flexibility required for simultaneously building and operating many projects across many markets. The facility gives the developer the to drive at least $250 million of construction loans.."
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|Publication:||Real Estate Weekly|
|Date:||Jan 3, 2007|
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