An additional example,
Property and Building buys Florida lot for $57m project
SBC USA Investments plans to build a housing and commercial project in Tampa.
Roee Bergman 16 Oct 05 12:36
IDB Holding Corp. Ltd. (TASE:IDBH) subsidiary Property and Building Corp. Ltd. (TASE: PTBL) today announced that its fully owned subsidiary, SBC USA Investments Inc., signed a contract last Tuesday to acquire 75% of the rights in Florida-based Station Square Clearwater Condo LLC (SSCC).
When SBC USA completes the acquisition, SSCC will complete the acquisition of land in Tampa, slated for the construction of 126 housing units, a 10,000-square foot commercial center, and service space for $4.5 million. SSCC will also pay up to $2.7 million if, and by how much, proceeds from the sale of the housing units exceeds an amount agreed upon by the parties.
The project will cost an estimated $57 million. 15% will be financed from SSCC’s equity, of which 75% will come from SBC USA and 25% will come from US companies. SBC USA is paying $4.1 million immediately and will pay an additional $2.3 million when financing for the project is provided.
A bank will provide the remaining 85% of financing for the project. The financing granted to SSCC will be a non-recourse loan to SBC USA, and will be guaranteed by a lien on the land and by personal guarantees from the other US rights holders in SSCC.
Published by Globes [online], Israel business news - www.globes.co.il - on October 16, 2005
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