The Community Development Trust Completes Successful 2012 with Strong Production and Performance


New York, New York (PRWEB) February 06, 2013

The Community Development Trust (CDT), the countrys only private real estate investment trust (REIT) with a focus on providing capital for the creation and preservation of affordable housing, closed 2012 with notable accomplishments. Since last January, CDT acquired, or committed to finance more than 1,000 units of affordable housing. CDT is a national Community Development Financial Institution (CDFI), as well as a hybrid REIT. In support of the preservation of affordable housing, CDT acquires properties, originates mortgages, or buys and syndicates mortgages originated by other lenders.

Were very proud of our accomplishments in 2012 as, once again, weve generated positive returns for our shareholders while remaining committed to our mission of bringing debt and equity capital to underserved markets across the country, said Joe Reilly, President and CEO of CDT. We believe that our work throughout this past year demonstrates our strength and versatility as an organization, and we look forward to furthering our impact within the community development industry for years to come.

Some of CDTs highlights during 2012 include:


????Cushing Residence: In March, CDT partnered with Evergreen Housing Partners and the Senior Housing Group to acquire and preserve the affordability of the Cushing Residence in Hanover, Massachusetts. The 150-unit, 100% Section 8 property provides safe, affordable housing for seniors and the disabled. The property is located next to Cardinal Cushing Centers, a school that provides educational and vocational opportunities for children and young adults with developmental disabilities. CDTs arrangement has allowed for the continuation of numerous social services including a voluntary meal program, computer classes, visiting nurses, a full-time service coordinator, and a joint activity program between the property and the school.

????Town Creek Village: In April, CDT originated a $ 2.6 million first mortgage on Town Creek Village, a 96-unit affordable housing family community located in Lenoir City, Tennessee. The property was newly constructed and completed in 2011 by DPKY Development Company, LLC, and a Tennessee-based real estate company that has developed several multifamily affordable housing communities since 2002. The developers management affiliate, DPKY Management Company, LLC, manages the property, along with all of DPKYs other communities. Town Creek Village was developed with construction financing and Low Income Housing Tax Credit (LIHTC) equity from Regions Bank. The Tennessee Housing Development Agency provided subordinate debt to further support this development.

????Pleasant View Apartments: In June, CDT made its first acquisition with a nonprofit when it partnered with LINC Housing Corporation (LINC), a Long Beach, California-based nonprofit developer of affordable housing for low-income families, seniors, and people with special needs, to acquire the Pleasant View Apartments, a 60-unit, 100% affordable property, serving both seniors and low-income families in Fresno, California. The partnership facilitates on-site social services in the form of tutoring, health and wellness clinics, and special events. CDTs equity investment in Pleasant View Apartments is helping to finance a rehabilitation of the property which will include renovated kitchens, new roofs, new windows, and the construction of a new community center and playground.

????Mayor Estates: In August, CDT provided a mortgage to refinance Mayor Estates, a 60-unit affordable housing family community, located in Cambridge, Ohio. The $ 537,000 first mortgage, originated by CDT, preserved the affordability of the property as it neared the end of its Year-15 LIHTC compliance period. Mayor Estates is owned and managed by Cambridge Management Corporation, a not-for-profit affiliate of the Cambridge Metropolitan Housing Authority and was initially developed with equity capital from the Ohio Capital Corporation for Housing.

????Community Development Financial Institutions Fund Award: In August, CDT was awarded $ 1.45 million from the Community Development Financial Institutions Fund. This was CDTs fourth consecutive year of receiving an award. CDT was one of 108 established organizations serving low-income communities to receive this years largest award amount. The award is presented to leaders in community development and will allow CDT to further its commitment to make innovative, mission-driven investments around the country in communities that need them most.

????Vintage Crossing: In August, CDT closed its first preservation transaction with Denver-based Steele Properties/Community Housing Concepts, when it originated a $ 1.5 million acquisition loan for Vintage Crossing, a 50-unit community of senior housing located in Cuthbert, Georgia. CDTs financing included the funding of project upgrades totaling approximately $ 100,000, which will add to the future viability of this project. The community is supported by a long-term Section 8 contract and is managed by the Monroe Group, a national property management company specializing in affordable housing serving families and seniors.

????Steinbeck Commons: In October, CDT acquired a 100-unit, age-restricted, 100% project-based Section 8 property in Salinas, California called Steinbeck Commons. The property was purchased and rehabilitated with LIHTC equity and tax-exempt bonds by an affiliate of Southport Financial Services in 1998. By replacing the tax credit limited partner, CDT has enabled Southport to recapitalize the property and maintain operating the property as high-quality affordable housing for seniors in Salinas. The partnership will allow CDT and Southport to make immediate capital improvements to the property, including exterior painting, and ensure it remains in excellent physical condition well into the future.

????Sutton Oaks Phase II: In October, CDT approved a fixed-rate forward commitment to originate a $ 4.6 million first mortgage on a 208-unit affordable housing family community located in San Antonio, Texas called Sutton Oaks Phase II. The property is the second phase of a new construction, mixed-income community that will serve as replacement housing for a public housing development built in 1952. When completed, Phase II will contain 49 public housing units that will receive income from an Annual Contributions Contract, 113 LIHTC units, and 46 market rate units. The property is being developed by Franklin Development Properties, Ltd., and the San Antonio Housing Facilities Corporation is the sponsor.

????Santa Ana Towers: In December, CDT acquired a limited partnership interest in a 200-unit age-restricted, 99% project-based Section 8 property located in Santa Ana, California called Santa Ana Towers. In 2001, Thomas Safran Associates (TSA) purchased and rehabilitated the property with tax-exempt bonds and 4% LIHTC equity. CDT made a preferred equity investment which allowed TSA to exercise its option to purchase the property from the LIHTC limited partner.

These highlights are representative of the impact CDT has on the communities it serves, by providing long-term capital to preserve the viability and affordability of the nations critically needed affordable housing.

About CDT

CDT is the country’s only private real estate investment trust (REIT) with a focus on providing capital for the creation and preservation of affordable housing. Working with local and national partners, our organization makes long-term equity investments in affordable housing and both originates and purchases long-term mortgages supporting the development and preservation of affordable housing. After more than fourteen years of operations, CDT has provided approximately $ 900 million in debt and equity capital to properties in 42 states and regions — helping to preserve and create more than 32,000 units of affordable housing.

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Cole Real Estate Investments Completes $3.9 Billion of Commercial Real Estate Transactions in 2012


Phoenix, AZ (PRWEB) January 15, 2013

Cole Real Estate Investments (Cole), a diversified real estate company, announced it successfully completed more than $ 3.2 billion of real estate-related acquisitions in 2012 and sold approximately $ 670 million of real estate assets for a total of nearly $ 3.9 billion of commercial real estate transactions for the year. The firm finished the year with $ 12.4 billion of total real estate assets under management.

As an industry leader, we continued to see high-quality assets come to market that fit our disciplined investment strategy, which focuses on retail, office and industrial properties occupied by creditworthy tenants on long-term net leases, said Marc Nemer, president and chief executive officer at Cole. We attribute our success in acquiring more than $ 8 billion of core commercial real estate over the past three years to the experience and expertise across our real estate organization, from our in-depth research and strategy to our respected acquisitions team, and on to our rigorous legal and underwriting procedures. Weve also built strong relationships with the commercial real estate brokerage community, developers and owners, and financial institutions that have allowed us to build well-positioned portfolios.

Coles key acquisitions in 2012 included:


$ 1.1 billion of single-tenant retail properties, including a portfolio of 140 Family Dollar stores in a $ 192.1 million sale-leaseback transaction; a Stripes/Road Ranger portfolio of 20 properties for $ 80 million; a Walmart and Costco in Tallahassee, FL, for $ 25.1 million; and a Dollar General portfolio with 32 locations for $ 45.7 million.
$ 1.0 billion of single-tenant office and industrial assets, including four Amazon fulfillment centers in Tennessee and South Carolina for $ 247.4 million; a Merrill Lynch facility in Hopewell, NJ, for $ 135.0 million; a RSA Security property in Bedford, MA, for $ 93.5 million; and the Clorox Campus in Pleasanton, CA, for $ 86.9 million.
$ 894.8 million of multi-tenant retail assets, including the $ 124.0 million purchase of Canarsie Plaza in Brooklyn, NY; Eastland Center in West Covina, CA for $ 147 million; Greenway Commons in Houston, TX, for $ 68.3 million; and Valley Bend in Huntsville, AL, for $ 72.5 million.
$ 226.2 million of commercial mortgage-backed securities (CMBS) and other debt-related investments.

Overall, these acquisitions included more than 450 total properties, approximately 18.8 million square feet of commercial real estate and 25 classes of CMBS bonds.

The firms active portfolio management was executed on both tactical and strategic levels across its portfolios, resulting in $ 670 million of dispositions. A key sales transaction included City Center Plaza, headquarters for Microsoft Bing, in Bellevue, WA, for nearly $ 375 million after being purchased for $ 310 in 2010.

Other transactions included a portfolio of CVS and Walgreens for $ 69.4 million and Manchester Highlands in St. Louis, MO, for $ 54.0 million.

We believe that active management of our portfolios dispositions and reinvestments aimed at harvesting gains, mitigating risks, or managing tenant and geographic exposures can help to maximize risk-adjusted returns, Nemer added. In 2012 this led us to take gains on some assets, such as City Center Plaza, and redeploy the proceeds into other attractive investment opportunities.

Other key accomplishments for the diversified real estate firm in 2012 included:

Originating 40 loans totaling more than $ 1.7 billion of financing.
Completing 2.5 million square feet of new, renewed and extended leases.
Investing $ 229.1 million in joint venture and build-to-suit transactions.

About Cole Real Estate Investments

Founded in 1979, Cole Real Estate Investments is one of the nations leading acquirers and managers of high-quality, income-producing retail, office and industrial real estate assets. Cole primarily targets net-leased single-tenant and multi-tenant retail properties under long-term leases with creditworthy tenants, as well as single-tenant office and industrial properties, using a conservative investment and financing strategy. According to Real Capital Analytics, a leading industry research firm, Cole has established itself as the No. 1 buyer of all single-tenant assets for the past 10 years. At the end of December 2012, Cole-related entities owned and managed more than 2,040 assets representing approximately 76.4 million square feet of commercial real estate in 47 states, with a combined acquisition cost of more than $ 12.4 billion. To learn more, visit http://www.colecapital.com.

Forward-Looking Statements

Certain statements in this press release may be considered forward-looking statements that reflect the current views of Cole Real Estate Investments and Coles management with respect to future events. Forward-looking statements about Coles plans, strategies and prospects are based on current information, estimates and projections; they are subject to risks and uncertainties, as well as known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Forward-looking statements are not intended to be a guarantee of any event, action, result, outcome or performance in future periods. Cole does not intend or assume any obligation to update any forward-looking statements, and the reader is cautioned not to place undue reliance on them.







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FTC Completes Rollout of Free Credit Reports Across Eastern States and All U.S. Territories

Lancaster, CA (PRWEB) September 3, 2005

Residents of the eastern states and all U.S. territories joined the rest of the nation on September 1st, 2005 in obtaining easy access to their credit reports as allowed by federal law.

The people of Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, Vermont, Virginia, U.S. territories and possessions, and Puerto Rico were granted a right the FTC fought years for ? the right for every US resident to have access to copies of their credit report for free every 12 months.

Consumers worried about identity theft, concerned about loan rejection, or simply curious about what their report says can go online to http://www.annualcreditreport.com. There, within 15 minutes they will be able to view or download their credit report, the document that defines their credit-worthiness, for once without being asked for a credit card.

The rollout of free credit report eligibility that the Fair and Accurate Credit Transactions Act mandated started with the western states in December 2004. There has since been a rush of orders as the rollout continued across the Midwestern and southern states, delaying credit report processing for the first few days of regional eligibility.

Many people are unfamiliar with the implications of the growing speed and ways in which their credit information is used. Some even question the urgency of staying on top of their personal credit reports.

Why the need for a current credit report?


Errors on your credit report ? ?Your credit report has information that affects whether you can get a loan ? and how much you will have to pay to borrow money,? states the Federal Trade Commission. That means that employers, insurers, mortgage lenders, car loan lenders, and landlords all use your credit report to decide whether to accept or reject you. ?79 percent of the credit reports surveyed contained either serious errors or other mistakes of some kind,? states the U.S. Public Interest Research Group, who did a major study on the accuracy of credit reports. ?Twenty-five percent (25 percent) of the credit reports surveyed contained serious errors that could result in the denial of credit, such as false delinquencies or accounts that did not belong to the consumer.?

Identity theft ? Identity theft has become a rising problem in both the public and private sector. Consumers can become victims without even realizing it. Public Safety and Emergency Preparedness Canada has put out a Public Advisory Special Report warning consumers, ?One reason for the increase in identity theft may be that consumers often become victims of identity theft without having any direct contact with the identity thieves who acquire their personal data. Simply by doing things that are part of everyday routine — charging dinner at a restaurant, using payment cards to purchase gasoline or rent a car, or submitting personal information to employers and various levels of government ? consumers may be leaving or exposing their personal data where identity thieves can access and use it without the consumers’ knowledge or permission.? Thieves gain personal credit information through theft of payment cards and documents, shoulder surfing, skimming, e-mail and website spoofing and theft from company or government databases.

The site http://www.annualcreditreport.com was set up specifically to handle requests for free credit reports from the three major credit reporting agencies: TransUnion, Experian, and Equifax, as mandated by the new law. Reports from each of the three credit bureaus vary because not all creditors report to each of the agencies. Consumers are advised to order their free credit reports from all three of these credit reporting agencies. Credit reports can be ordered by phone toll-free at (877) 322-8228, or by mail at P.O. Box 105281, Atlanta, GA, 30348-5281.

Because some consumers have been misled into signing up for costly ($ 79.95) credit monitoring services by alluring promises of free credit reports, the FTC recently penalized Experian $ 950,000 for using deceptive practices at the website freecreditreport.com. They have warned the public to stay away from ordering any services in exchange for free credit reports. Beware also of pop-up ads that claim to be from http://www.annualcreditreport.com or a soundalike website.

TransUnion, Experian and Equifax all charge fees from $ 9.50 on up to order additional credit reports, but some states have set caps on the fees these agencies are allowed to charge. Thanks to the FTC you are eligible to get free credit reports if:

You have not already ordered a credit report in the previous 12 months

A person has taken adverse action against you because of information in your credit report

You are the victim of identify theft and place a fraud alert in your file

Your file contains inaccurate information as a result of fraud

You are on public assistance

You are unemployed but expect to apply for employment within 60 days

Those who are concerned about their social security numbers getting into the wrong hands can order their free credit report by mail and request that their social security numbers be truncated on the report. When you go to order your credit report, have the following information handy:

Name

Address

Social Security number

Date of birth

Your previous address(es), if you have moved in the last two years

The FTC championed several rights for consumers regarding their credit reports:

You have the right to dispute incomplete or inaccurate information

Consumer reporting agencies must correct or delete inaccurate, incomplete, or unverifiable information, within 30 days

Consumer reporting agencies may not report outdated negative information more than seven years old and bankruptcies more than ten years old

Access to your file is limited to those specified by the FCRA (Fair Credit Reporting Act) and you must give your consent for reports to be provided to employers

You may limit ?prescreened? offers of credit and insurance you get based on information in your credit report; you may seek damages from violators

Identity theft victims and active duty military personnel have additional rights. (More information can be found at http://www.ftc.gov/credit and http://www.ftc.gov/bcp/conline/pubs/credit/freereports.htm.)

Order your free credit report from http://www.annualcreditreport.com today. If you’ve done anything financial: given permission to an employer or landlord to run a credit check on you; applied for credit cards, a line of credit, a home equity loan, or mortgage; or you think you might do so in the next 6 months to a year, you are going to need it. You might also want to order your credit score, otherwise known as a FICO score. While it’s not free, it is a useful bottom line number to know. It will be what a mortgage lender is looking at when they decide if you are a poor or good credit risk and what interest rate to offer you.

Since credit report disputes often take up to six months or more to resolve, the smart consumer should plan to thoroughly know his or her credit health months ahead of applying for a major loan. Now residents of any U.S. state or territory can get started with a credit report free of charge thanks to the FTC.

About the Author:

L Frizzell writes articles on free credit reports for http://www.CreditStraightTalk.com, a website dedicated to providing consumers with honest and accurate information on how to fix and manage their personal credit.

Contact:

Cheryl J Smith, Director of Public Relations

CreditStraightTalk.com

818-279-1606

Http://http://www.CreditStraightTalk.com

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