American Spectrum Realty Announces Second Successful Loan Refinance in First Quarter 2013
HOUSTON--(BUSINESS WIRE)-- American Spectrum Realty, Inc. (NYSE MKT:AQQ), a real estate investment, management and leasing company headquartered in Houston, Texas, announced today that it has successfully negotiated a new loan for Northwest Spectrum Plaza located at 11755 West Little York in Houston, TX.
American Spectrum Realty Advisors, LLC (ASRA) secured a new fixed rate for the new loan of $4,500,000, which was approximately 75 percent of the appraised value. The new loan paid in full the existing loan which was set to mature in April of approximately $2,500,000. The excess funds were used for other current liabilities and working capital. Northwest Spectrum Plaza is a two building retail center containing 48,000 square feet and is currently 92% leased. Northwest Spectrum Plaza was acquired in 2007 for approximately $3.8 million.
Aggressive marketing initiatives and creative leasing strategies resulted in significantly increased occupancy, revenue growth, and NOI. These combined efforts increased the appraised value of the property significantly allowing American Spectrum to successfully negotiate a new loan on more favorable terms. The transaction closed on March 28, 2013.
This refinance is a prime example of how ASRA 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. ASRA offers a turn-key approach that is committed to maximizing financial performance.
About American Spectrum
American Spectrum Realty, Inc. is a real estate investment company that owns interest in office, industrial, self-storage, retail, student-housing, and multi-family properties throughout the United States. The company has been publicly traded since 2001.
American Spectrum Management Group, Inc. is a wholly-owned subsidiary of the Company that manages and leases all properties owned by American Spectrum Realty, Inc. as well as third-party clients. ASMG provides first-class management and leasing services for office, industrial, retail, self-storage, student housing, and multi-family properties, totaling over 11 million square feet in multiple states. For more information on what ASMG can do for your properties, visit www.asrmanagement.com or call 888-315-2776.
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 Companys past and current filings with the U.S. Securities and Exchange Commission.
American Spectrum Realty, Inc.
William J. Carden, 713-706-6200
President & CEO
Source: American Spectrum Realty, Inc.Copyright Business Wire 2013