TARR $1.55
Tarragon Sells Six Properties For $156M
38 minutes ago - Dow Jones News
DOW JONES NEWSWIRES
Tarragon Corp. (TARR) said Thursday that it has sold its interest in six properties located in Florida and South Carolina to affiliates of Northland Investment Corp. for $156 million.
The New York mixed-use developer said Northland assumed, extended and modified $108 million in existing financing from Barclays Capital Real Estate to finance the purchase.
Tarragon said it is continuing to guarantee repayment of about 10% of the loan.
Tarragon has also been retained to manage the six properties for Northland entities and may share in future profits from their sale and operation.
Shares in Tarragon were up 14 cents, or 9.5%, at $1.62 in recent trading.
-Shirleen Dorman; 201-938-5400; AskNewswires@dowjones.com > Dow Jones Newswires
01-03-08 1515ET
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