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DEKALB, GA. MUNICIPAL HOUSING BONDS 1991A RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --

 DEKALB, GA. MUNICIPAL HOUSING BONDS 1991A RATED 'A' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Dec. 30 /PRNewswire/ -- DeKalb County Housing Authority's $26.4 million Series A municipal housing revenue refunding bonds (The Park at Briarcliff Project) are rated 'A' by Fitch.
 The rating reflects debt service coverage in excess of 1.45 times, the quality location of the property securing the bonds, a $2.6 million debt service reserve for the benefit of the Series A bonds, and the funding of $6.7 million for renovation of the property. The $12.5 million Series B bonds are not rated by Fitch.
 The proceeds will be loaned by the issuer to Housing Development Corporation of DeKalb, Ga., a single-purpose, not-for-profit corporation which is a wholly owned subsidiary of the issuer. The proceeds of the bonds and the unrated Series B bonds will be used to purchase the Park at Briarcliff property from an unaffiliated third-party, to renovate it, to create reserve funds, and to pay closing costs. The renovation and management of the property will be performed by affiliates of Trammell Crow Residential, one of the nation's largest residential developers.
 The financing has been designed so that a default under the Series B bonds should not result in a default under Series A, by providing a mechanism for timely payments to Series A bonds even during a bankruptcy of the corporation which owns the property.
 The Park at Briarcliff is a 1,017 unit multifamily apartment complex, situated on approximately 76 acres in northeast Atlanta. The site is subject to ground leases. The property consists of two contiguous communities, with a lake in between, and various recreational amenities. Although $6.7 million of interior and exterior improvements are to be completed at the property, the rating was based primarily on the existing cash flow from the property, taking into consideration some operating improvements to be gained from new management.
 -0- 12/30/91
 /CONTACT: Janet Price Forst, 212-908-0527, or Ron Wechsler, 212-908-0532, both of Fitch/ CO: DeKalb County Housing Authority ST: Georgia IN: SU: RTG


JT -- NY043 -- 5771 12/30/91 17:48 EST
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Publication:PR Newswire
Date:Dec 30, 1991
Words:354
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