American Spectrum Successful in Refinancing Fort Worth Northwest Self-Storage Loan
March 20 2012 - 9:23AM
Business Wire
American Spectrum Realty, Inc. (NYSE AMEX: AQQ) (“The Company”),
a real estate investment, management and leasing company
headquartered in Houston, Texas, announced today that American
Spectrum Realty Management, LLC (“ASRM”) was successful in
refinancing the loan for Fort Worth Northwest Self-Storage.
Fort Worth Northwest is a 69,275 square foot, 563 unit facility,
located on Ephraim Avenue and operates under ASRM’s 1st American
Storage brand. When ASRM began managing the property in January of
2010, occupancy was severely low and the loan was fast approaching
maturity. ASRM was able to negotiate a one year extension with the
lender in an attempt to refinance the loan.
Through 1st American Storage’s cost-efficient branding,
aggressive marketing strategies, and streamlined operations, Fort
Worth Northwest was able to significantly increase occupancy by 29
percent, grow revenue, decrease expenses and therefore, increase
NOI. These efforts increased the appraised value of the property
and allowed ASRM to successfully negotiate a new loan with C III
Commercial Mortgage. The transaction closed on Thursday, March 8,
2012 and reduced the property’s interest rate by nearly 50 basis
points.
ASRM provides creative solutions to outperform the market and
grow the value of each asset under management. Our vast experience
and market insight provides a strategic, proactive, long term
solution to investment challenges. ASRM offers a turn-key approach
that is committed to maximizing financial performance.
About American Spectrum Realty,
Inc.
American Spectrum Realty, Inc. is a real estate investment
company that owns, through its operating partnership, interest in
office, industrial, self storage, retail properties, and apartments
throughout the United States. The company has been publicly traded
since 2001. American Spectrum Realty Management, LLC is a
wholly-owned subsidiary of the Company’s operating partnership that
manages and leases all properties owned by American Spectrum
Realty, Inc. as well as third-party clients.
ASRM provides first-class management and leasing services for
over 95 office, industrial, retail, self-storage, and multi-family
properties, totaling over 11 million square feet in 18 states.
Certain matters discussed in this release are forward-looking
statements that are subject to risks and uncertainties that could
cause actual results to differ materially from those projected
including the risks and uncertainties of acquiring, owning,
operating and disposing of real estate. Such risks and
uncertainties are disclosed in the Company’s past and current
filings with the U.S. Securities and Exchange Commission.
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