Remington-Hall Announces Acquisition of Newhaven Townhomes
DALLAS, Aug. 6 /PRNewswire/ -- Remington-Hall Capital Corporation, (OTC Bulletin Board: REMH) a diversified real estate Investment firm, announced today it has completed the acquisition of Newhaven Townhomes, a 58-unit multi-family property in Ft. Worth, Texas
"The property was acquired considerably below its appraised value due to previous owner mismanagement, sever maintenance needs of the property and the lender's plan to foreclose on the property," explained Exec. V. P. - David Proctor. "The Company's chairman, Douglas Fonteno, led the efforts to negotiate with the lender to reinstate the loan, authorize the loan to be transferred to Remington and to begin repairs to the property, made this opportunity happen." Newhaven Townhomes was acquired through an assumption of debt and stock transaction valued at $350,000. The most recent appraisal of the property was $475,000.
"The Company expects to spend approximately $100,000 to rehabilitate the property" stated Proctor, "and thereafter, we anticipate the appraised value to be in the neighborhood of $17,500 per unit, or $1,015,000. A pretty good investment by any measure." Financing for the first lien was provided by The Money Store. |
