Printer Friendly

SUMMIT TAX EXEMPT BOND FUND ANNOUNCES SALE OF CLARENDON HILLS PROPERTY

SUMMIT TAX EXEMPT BOND FUND ANNOUNCES SALE OF CLARENDON HILLS PROPERTY
 NEW YORK, June 3 /PRNewswire/ -- The general partners of Summit Tax Exempt Bond Fund, L.P. (AMEX: SUA) announced today that the owner of the property underlying the Clarendon Hills Bond has completed the sale of such property, subject to the Clarendon Hills First Mortgage Bond of $17.6 million (the Clarendon Bond) and the additional secondary financing of approximately $6.6 million.
 The net cash proceeds of approximately $1.5 million generated from the sale has been paid to the partnership by such owner as accrued and unpaid interest on the Clarendon Bond and will be utilized by the partnership to repay the $505,577 advance due to the related general partner, to pay certain other costs including accrued and unpaid taxes due at certain of the properties securing first mortgage bonds and for working capital reserves.
 The general partners further announced today a $.21 distribution for the quarter ending June 30, 1992, which will be payable on/or about Aug. 15, 1992, to investors of record on June 30, 1992. This distribution will be funded from adjusted net income from operations for the quarter. Such distribution represents the 11th consecutive quarter in which at least $.21 per BUC distributions were made from adjusted net income.
 -0- 6/3/92
 /CONTACT: Bruce Brown, 212-421-5333, or Chester Piskorowski, 212-214-2178, both for Summit Tax Exempt Bond Fund/
 (SUA) CO: Summit Tax Exempt Bond Fund, L.P. ST: IN: FIN SU:


SM-PS -- NY069 -- 6743 06/03/92 16:44 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 3, 1992
Words:259
Previous Article:WALKER POWER MODIFIES OUTLOOK FOR FISCAL YEAR
Next Article:ALASKA AIR GROUP DECLARES QUARTERLY DIVIDEND


Related Articles
SUMMIT TAX EXEMPT BOND FUND ANNOUNCES DISTRIBUTION
SUMMIT TAX EXEMPT BOND FUND ANNOUNCES DISTRIBUTION
SUMMIT TAX EXEMPT BOND FUND ANNOUNCES DISTRIBUTION
SUMMIT TAX EXEMPT BOND FUND, L.P.
SUMMIT PROPERTIES RESTRUCTURES TAX-EXEMPT BOND FINANCING ON STONY POINT
Ambassador Apartments Announces $32.3 Million Acquisition Of Three Properties In Phoenix & Nashville;
Summit Tax-Exempt Bond Fund, L.P. Receives Preliminary Approval Order for Reorganization as a Publicly Traded Delaware Business Trust
Summit Tax Exempt Bond Fund Announce Distribution
Summit Tax-Exempt Bond Fund, L.P. Receives Court Approval To Complete Consolidation
Summit Tax Exempt Bond Fund L.P. Makes Announcement

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters