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Item 1.01. Entry into a Material Definitive Agreement.
On December 16, 2016, Presidential Realty Corporation (the “Company”) and its newly formed operating partnership, Presidential Realty Operating Partnership LP (“Presidential OP”), entered into an interest contribution agreement (the “Agreement”) with First Capital Real Estate Trust Incorporated (“FC REIT”), First Capital Real Estate Operating Partnership (the “FC OP”), Township Nine Owner, LLC, Capital Station Holdings, LLC, Capital Station Member, LLC, Capital Station 65 LLC and Avalon Jubilee LLC.
The Agreement provides that the FC OP will contribute to the Presidential OP (i) 66% of its 92% ownership interests in Township Nine Owner LLC, which indirectly owns the fee simple interest in 23 parcels of land located in Sacramento, California (collectively, the “T9 Properties”) and (ii) all of its 31.3% interest in Avalon Jubilee LLC, the owner of real property consisting of 251, non-contiguous single-family, residential lots and a 10,000 square foot clubhouse, within the Jubilee at Los Lunas subdivision (the “Avalon Property”), in exchange for 37,281,000 convertible units of Presidential OP (the “OP Units”). The 37,281,000 OP Units will be convertible into a like number of shares of the Company’s Class B Common Stock. The purchase price for the properties is $37,281,000 based upon a valuation of $1.00 per OP Unit
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