Tarragon Corporation Sells Newly Completed Apartments for $116 Million
29 Febbraio 2008 - 1:45PM
Marketwired
NEW YORK, NY ("Tarragon") today announced the sale by its
majority owned affiliate of 1000 Jefferson, a 217 unit luxury
rental apartment property in Hoboken, NJ, to a major institutional
investor for $116.2 million. The 1000 Jefferson property is the
fifth residential development completed by Tarragon in a formerly
blighted 8-block redevelopment zone branded "Upper Grand." Two
other projects, including Tarragon's first high rise development in
Hoboken, are now underway. Andrew J. Merin and Jose R. Cruz of
Cushman & Wakefield represented Tarragon in the marketing of
this property.
This transaction and other property sales that Tarragon has
completed within the past several months, as well as ongoing cost
reduction efforts, have enabled Tarragon to boost its liquidity and
working capital while reducing debt.
"With this successful transaction, Tarragon looks forward to
continuing its role in the redevelopment of Hoboken where we and
our partners control almost 20 acres of land proposed for
development of rental and for sale housing, a public swimming pool
and community center, parks, a multi-screen movie theatre and
retail uses," said William Rosato, President of Tarragon
Development Corp.
About Tarragon Corporation
Tarragon Corporation is a leading developer of multifamily
housing for rent and for sale. Tarragon's operations are
concentrated in the Northeast, Florida, Texas and Tennessee. To
learn more about Tarragon Corporation, visit:
www.tarragoncorp.com.
Forward-looking Statements
Information in this press release includes "forward-looking
statements" made pursuant of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 that are based on
management's expectations, estimates, projections and assumptions.
Words such as "may," "expects," "anticipates," "intends,"
"estimates," and variations of these words and similar expressions
are intended to identify forward-looking statements. Actual results
and the timing of certain events could differ materially from those
projected or contemplated by these forward-looking statements due
to a number of factors, including conditions in the homebuilding
industry, the residential real estate and mortgage markets and the
capital and financial markets generally, general economic
conditions, interest rates and other risk factors outlined in
Tarragon's SEC reports, including its Annual Report on Form 10-K
for the year ended December 31, 2006 and any subsequently filed
Quarterly Reports on Form 10-Q. Tarragon assumes no responsibility
to update forward-looking information contained in this press
release.
TARR - G
Contacts: Broadgate Consultants, LLC Alan H. Oshiki (212)
232-2222 Email Contact Tarragon Corporation William S. Friedman
(212) 949-5000 Email Contact
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