AMLI Residential Announces Joint Ventures
2005年10月6日 - 11:01PM
PRニュース・ワイアー (英語)
CHICAGO, Oct. 6 /PRNewswire-FirstCall/ -- AMLI Residential
(NYSE:AML) announces today that it has entered into joint venture
partnerships with a client of The Tuckerman Group LLC ("Tuckerman")
by selling interests in two stabilized, previously wholly-owned
apartment communities. In one transaction, AMLI sold a 60%
partnership interest in AMLI at Riverbend (996 apartments in
Indianapolis, Indiana) to Tuckerman. The newly formed partnership
(in which AMLI retained a 40% interest) assumed the existing first
mortgage loan that encumbered the property. The loan, which has an
outstanding balance of approximately $44.3 million, has a remaining
term of approximately nine years (eight at a fixed rate of interest
of 4.85% and one additional year at a floating rate). Payments are
based on a 30-year amortization schedule. In the other transaction,
AMLI sold an 80% partnership interest in AMLI at Oakhurst North
(464 apartments in Aurora, Illinois, a western suburb of Chicago)
to Tuckerman. The newly formed partnership (in which AMLI retained
a 20% interest) funded a new $41.8 million interest-only first
mortgage loan simultaneous with the closing of the partnership. The
loan has an eight-year term (seven at a fixed interest rate of
4.97% and one additional year at a floating rate). Both joint
ventures are structured such that cash flow and sales proceeds will
be shared in proportion to each partner's ownership interest until
certain benchmarks are achieved, at which point AMLI will receive
an increased portion of the cash flow and residual interest. In
addition, AMLI earned debt placement and other upfront fees in
connection with the closing of the transactions. "This is the first
time AMLI has sold partnership interests in existing stabilized
communities," said Allan J. Sweet, AMLI President. "These
transactions allow us to maintain operating efficiencies and brand
recognition in two of our midwest markets, while we seek to recycle
capital into newer investments in those markets where we want to
increase our presence. We are also pleased to add the Tuckerman
Group to our roster of institutional partners." "On behalf of our
client, we're pleased to forge this relationship with AMLI," said
Glen Weisberg, managing director of The Tuckerman Group. "We value
their reputation for creating value within the multifamily
industry." This transaction continues AMLI's declared strategy to
selectively co- invest with institutional investors for the
development, acquisition and management of Class A multifamily
apartment communities. By strategically leveraging the Company's
equity through these alliances, AMLI believes the return on its
investment will be significantly enhanced. The AMLI(R) portfolio
currently includes 75 apartment communities containing 28,356
apartment homes, with an additional 827 apartment homes under
development or in lease-up in three locations. AMLI is focused on
the development, acquisition and management of institutional
quality multifamily communities in the Southeast, Southwest,
Midwest and Mountain regions of the U.S. AMLI Residential also
serves as institutional advisor and asset manager for large pension
funds, tax-exempt foundations and other financial institutions
through AMLI's co-investment business. AMLI employs approximately
850 people who are dedicated to achieving AMLI's mission -- Provide
An Outstanding Living Environment For Our Residents. More
information on AMLI is available at http://www.amli.com/ . The
Tuckerman Group is part of State Street Global Alliance, LLC, a
jointly-owned subsidiary of State Street Global Advisors the
investment management arm of State Street Corporation (NYSE:STT)
and the Dutch pension fund ABP, one of the world's largest pension
funds. The Tuckerman Group has two principal units: Tuckerman
Investors, offering value-added investment programs to
institutional investors on a co-investment basis, and Tuckerman
Securities, managing funds which invest in real estate securities
on both an active fundamental and passive basis. The Tuckerman
Group currently manages over $4 billion in real estate assets. The
Tuckerman Group has its headquarters in Rye Brook, New York with
additional offices in Boston and Chicago. For more information
visit http://www.thetuckermangroup.com/ . DATASOURCE: AMLI
Residential CONTACT: Allan J. Sweet, President of AMLI Residential,
+1-312-984-2602 Web site: http://www.amli.com/
http://www.thetuckermangroup.com/
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