America First Multifamily Investors, L.P. Announces the Sale of Jade Park MF Property and Redemption of a Mortgage Revenue Bo...
01 October 2018 - 10:00PM
America First Multifamily Investors, L.P. (NASDAQ: ATAX) (the
“Partnership”) announced today that on September 25, 2018, it sold
Jade Park, a 144-unit property, held in its MF Property portfolio,
located in Daytona, Florida for $13.45 million. ATAX will
realize a gross gain, before direct and indirect expenses, of
approximately $4.0 million to be recognized in the third quarter of
2018. In addition, Lake Forest, a 240-unit property
contiguous to Jade Park, was sold by its owner. The mortgage
revenue bond (“MRB”) associated with Lake Forest and held by ATAX
was redeemed. As a result of this sale, ATAX will realize
interest, contingent interest and other income, before direct and
indirect expenses, of approximately $10.4 million in the third
quarter of 2018.
In September 2016, ATAX purchased Jade Park and embarked upon a
strategy of increasing the occupancy and performing light
renovation prior to marketing the property for sale. The
culmination of this strategy was realized when ATAX partnered with
the owner of Lake Forest to jointly market and complete the sale of
both properties as a 384-unit multifamily project.
“We are pleased that the strategy we initially employed in
September 2016 was successful through the sales of Jade Park and
Lake Forest,” said Chad Daffer, Chief Executive Officer of
ATAX. “These sales represent a significant event for the
Partnership and represent a continuation of our ongoing strategy of
“fine tuning” of our balance sheet. Our Unitholders are, once
again, the beneficiaries of these transactions.”
About America First Multifamily Investors,
L.P.
America First Multifamily Investors, L.P. was formed on April 2,
1998 under the Delaware Revised Uniform Limited Partnership Act for
the primary purpose of acquiring, holding, selling and otherwise
dealing with a portfolio of mortgage revenue bonds which have been
issued to provide construction and/or permanent financing for
affordable multifamily, student housing and commercial
properties. The Partnership is pursuing a business strategy of
acquiring additional mortgage revenue bonds and other investments
on a leveraged basis. The Partnership expects and believes
the interest earned on these mortgage revenue bonds is excludable
from gross income for federal income tax purposes. The
Partnership seeks to achieve its investment growth strategy by
investing in additional mortgage revenue bonds and other
investments as permitted by the Partnership’s Amended and Restated
Limited Partnership Agreement, dated September 15, 2015, taking
advantage of financing structures available in the securities
market, and entering into interest rate risk management
instruments. America First Multifamily Investors, L.P.
press releases are available at www.ataxfund.com.
Safe Harbor Statement
Information contained in this press release contains
“forward-looking statements,” which are based on current
expectations, forecasts and assumptions that involve risks and
uncertainties that could cause actual outcomes and results to
differ materially. These risks and uncertainties include, but are
not limited to, risks involving current maturities of our financing
arrangements and our ability to renew or refinance such maturities,
fluctuations in short-term interest rates, collateral valuations,
bond investment valuations and overall economic and credit market
conditions. For a further list and description of such risks, see
the reports and other filings made by the Partnership with the
Securities and Exchange Commission, including its Annual Report on
Form 10-K for the year ended December 31, 2017. The
Partnership disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
CONTACT: Craig
Allen800-283-2357
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