Peacock Financial Corp. Confirms Home-Building Project, With
Ground-Breaking in 14 Days
Business Wire - August 18, 1999 13:46
SAN JACINTO, Calif.--(BUSINESS WIRE)--Aug. 18, 1999--Peacock Financial Corp. (OTC BB:PFCK) Wednesday
confirmed that its wholly owned subsidiary, Peacock Development Corp., has entered into a joint-venture agreement with Covenant
Development Inc. to build 33 homes in San Jacinto, an agreement worth $4.6 million.
This project is the first phase of a total 76-home project, with a combined gross sales value of $11 million. These building sites are
owned by an LLC, of which Peacock Development is a 50 percent managing partner.
James S. Upton, executive vice president of Peacock Financial, who engineered the agreement, stated: "Construction financing has
been committed through Upland Bank in the amount of $3.7 million, and the loan is due to record on or about Aug. 20. Covenant
Development expects to start work on the project by the end of August."
Of the estimated $4.6 million in sales revenues for this 33-home joint venture, Peacock will be paid a project-oversight fee of
$46,000 and an additional $1,000-per-month facilities and accounting support fee, and participate in 25 percent of the gross profits,
estimated to be $665,000. All homes are scheduled to be built and occupied with new homeowners within the next 12 months.
Steven Peacock, president of Peacock Financial, stated: "The Peacock/Covenant team structure complements each firm's strengths.
Jim Upton did a great job in bringing Covenant on board. Obviously, we are pleased to be affiliated with such a quality merchant
home-building firm on our San Jacinto properties."
Peacock Development, a wholly owned subsidiary of Peacock Financial, is a master developer with a long history of real estate
experience in land assemblage, planning, infrastructure design, home building and intercity redevelopment projects.
Peacock controls extensive landholdings near the Eastside Reservoir, a $3 billion recreational lake in the San Jacinto Valley,
currently under construction by the Metropolitan Water District of Southern California.
CONTACT: Peacock Financial Corp., San Jacinto
Steven Peacock, 909/652-3885
peacockfinancial.com
or
Stock Enterprises, Las Vegas (investor relations)
Jim Stock, 702/614-0003
|
