BlueLinx Holdings Inc. Announces Three-Year Real Estate Loan Deal

February 1, 2016 0

ATLANTA, Feb. 01, 2016 (GLOBE NEWSWIRE) — BlueLinx Holdings Inc. (NYSE:BXC) (“BlueLinx”, or the “Company”) today announced that it has entered into a term sheet with its existing real estate lenders, pursuant to which the term of its outstanding $159.8 million real estate loan will be extended for three years. Key terms of the extension also include:

  • New maturity date of July 1, 2019
  • Interest-only at an annual rate of 6.35%
  • Principal pay-down of at least $60 million by July 1, 2017, and at least an additional $55 million pay-down by July 1, 2018


BlueLinx anticipates that the loan extension transaction will close in the next few weeks, subject to the execution of definitive agreements and the satisfaction of certain mutually agreed-upon conditions.

Mitch Lewis, CEO of BlueLinx commented, “We appreciate the support of our existing real estate lenders and view this extension as the first step in significantly reducing BlueLinx’s financial leverage. The material terms we have agreed to should enable the Company to quickly monetize and otherwise take advantage of the significant excess value we have in our real estate portfolio to delever and strengthen the balance sheet of BlueLinx.”

BlueLinx received an independent third-party desktop valuation of its real estate portfolio in November 2015, which estimated the operating value of its properties (using market cap rates) in the $332-$352 million range. The current outstanding principal balance on the real estate loan is approximately $157.8 million net of $2.0 million in certain reserves.

In an unrelated matter, on January 26, 2016, BlueLinx received notice from the New York Stock Exchange (the “NYSE”) that it is not in compliance with NYSE listing standards because, as of January 19, 2016, the Company’s average global market capitalization over a consecutive 30 trading-day period was less than $50 million, while its stockholders’ equity was less than $50 million.  The Company intends to regain compliance with this listing standard.

About BlueLinx Holdings Inc.

BlueLinx Holdings Inc., operating through its wholly owned subsidiary BlueLinx Corporation, is a leading distributor of building products in North America. The Company is headquartered in Atlanta, Georgia and operates its distribution business through its network of approximately 44 distribution centers. BlueLinx is traded on the New York Stock Exchange under the symbol BXC. Additional information about BlueLinx can be found on its website at www.BlueLinxCo.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to our ability to return to profitability, and our guidance regarding anticipated financial results. All of these forward-looking statements are based on estimates and assumptions made by our management that, although believed by BlueLinx to be reasonable, are inherently uncertain. Forward-looking statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of BlueLinx’s control that may cause its business, strategy or actual results to differ materially from the forward-looking statements. These risks and uncertainties may include, among other things: changes in the prices, supply and/or demand for products that it distributes, general economic and business conditions in the United States; the activities of competitors; changes in significant operating expenses; changes in the availability of capital and interest rates; adverse weather patterns or conditions; acts of cyber intrusion; variations in the performance of the financial markets, including the credit markets; and other factors described in the “Risk Factors” section in the Company’s Annual Report on Form 10-K for the year ended January 3, 2015, and in its periodic reports filed with the Securities and Exchange Commission from time to time. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. BlueLinx undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, and changes in expectation or otherwise, except as required by law.

Contact:Kerry Parker770-953-7000

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Associa Arizona Hires Jodi Henderson-Webster as Scottsdale Director of Business Development

February 1, 2016 0

SCOTTSDALE, Ariz., Feb. 1, 2016 (GLOBE NEWSWIRE) — Associa Arizona is proud to announce Jodi Henderson-Webster as the director of business development for its Scottsdale office. She is primarily responsible for procuring new business and overseeing all sales and marketing initiatives.

“We’re excited to bring in someone with Jodi’s experience and knowledge and I’m confident that her enterprising strategies will be a valued asset,” says Associa Arizona President Kirk Bliss. “We have put together a leadership team at Associa Arizona poised to make a statement in 2016 and Jodi will be on the front lines of what we expect to be a banner year for the company.”

Henderson-Webster brings more than 14 years of community association management expertise to the company and has served as the education manager at the Arizona Association of Community Managers (AACM).   She has worked with professional land developers and homebuilders throughout the valley in establishing community associations from planning through transition to homeowner control.  She also has significant knowledge and experience from serving on numerous developer controlled HOA boards while working for as a manager for Lennar Corporation.  Henderson-Webster spent significant time managing multiple property types including luxury condominiums, master-planned communities, single family portfolio communities and commercial properties.

Building and managing successful communities for more than 35 years, Associa is the worldwide leader in community management with over 10,000 employees operating more than 180 branch offices in the United States, Mexico, Canada, the United Arab Emirates and South Africa. Based in Dallas, Texas, our industry expertise, financial strength, and innovation meet the unique needs of clients across the world with customized services and solutions designed to help communities achieve their vision. To learn more about Associa and its charitable organization, Associa Cares, go to www.associaonline.com or www.associacares.com.

Stay Connected:

Facebook: https://www.facebook.com/associa 

Twitter: https://twitter.com/associa 

LinkedIn: http://www.linkedin.com/company/associa 

Pinterest: http://pinterest.com/associa/ 

YouTube: http://www.youtube.com/associamarketing

Google+: https://plus.google.com/+Associaonline/

A photo accompanying this release is available at: http://www.globenewswire.com/newsroom/prs/?pkgid=38716

Billy Rudolph+1 214-272-4107

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Greystone Development Has Delivered Its Sold Out Condos at Waterbridge 47 in DUMBO

February 1, 2016 0

NEW YORK, Feb. 01, 2016 (GLOBE NEWSWIRE) — Waterbridge 47, Greystone’s luxury boutique condominium development at 47 Bridge Street in DUMBO, Brooklyn, has sold out within a matter of months. The speedy sales of the 25 residences reflected the strong condominium market in Brooklyn. Waterbridge 47 surpassed the median price per square foot for real estate in the area; demand is at an all-time high. 

The sell-out of Waterbridge 47 exceeded the initial projected value by 28% and the efforts were led by exclusive marketing and sales agent David Maundrell III, EVP of CitiHabitats’ New Development division.

“DUMBO is a treasure. A high caliber building like Waterbridge 47 has brought even more value to this unique neighborhood,” said Maundrell.

“Switching gears from our initial plan to deliver a rental property to instead offer condominiums proved to be the right decision in the current market,” said Jeffrey Simpson, head of Greystone Development. “We appreciate the valuable input and incredible effort from all of our partners involved with this project, including AB Architekten, Durukan Design and especially Dave Maundrell and his sales team, and are thrilled with a 100% sell-out.”

Waterbridge 47 featured one-, two- and three-bedroom homes, including two penthouses with wraparound terraces. The building includes a unique mix of amenities that complement its proximity to DUMBO’s waterfront and green space, such as a roof deck with skyline views; an elegant wine cellar and tasting room, off-site concierge access, fitness center, inner courtyard, children’s playroom, bicycle storage and private parking. 

About Greystone

Greystone is a real estate lending, investment and advisory company headquartered in New York. Its development group creates boutique luxury condominium and rental residences as well as prime quality commercial spaces in gateway cities such as New York, Florida and California. For more information, visit www.greystonepd.com.

PRESS CONTACT:Jennifer LittleRelevance New York – for Greystone212-920-7057jennifer@relevancenewyork.com

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Capstone Development Partners Joins University of North Alabama in the Opening of its Newest Residence Halls

February 1, 2016 0

BIRMINGHAM, Ala., Feb. 1, 2016 (GLOBE NEWSWIRE) — Capstone Development Partners, (“CDP”), in conjunction with the University of North Alabama (“UNA”), celebrated the completion of Olive and Mattielou residence halls with a dedication ceremony and ribbon cutting ceremony. Building 1, Mattielou Hall, was completed on schedule in August 2015, and welcomed home 335 students for the start of the Fall 2015 semester. Situated near Mattielou Hall, the second building of the two new residence halls, Olive Hall, was completed on-schedule in January 2016 and welcomed 429 students at the start of the Winter 2016 semester.

CDP was selected as UNA’s housing development partner for this project in Summer 2013, after competing in a public procurement process. The construction schedule for the two residence halls spanned 13-18 months. The two buildings were delivered on time and under budget. The new residence halls were designed by Goodwyn Mills & Cawood, and were constructed by BL Harbert International. The new facilities are managed and operated by the UNA Department of Housing and Residence Life.

Olive and Mattielou residence halls provide UNA with new and attractive housing to enhance the University’s recruitment of prospective new students. The two new residence halls will house mostly first-year students. The new housing communities feature spacious, suite-style, single and double-occupancy rooms, each with its own bathroom. The buildings total approximately 192,000 square feet and offer residents ground level common areas featuring meeting and study spaces, management and residence life offices, and activity areas which include pool tables, classic arcade games, study desks and TV lounges. The upper floors of the buildings also offer smaller, more private common areas and lounges where students can interact, study or relax. The ground floors of both buildings are also certified storm shelters, designed to protect all Olive and Mattielou residents in the event of a tornado emergency.

“UNA started this initiative with a clear goal to upgrade and enhance its housing inventory with modern, attractive, yet affordable housing options. The Capstone team developed and presented to UNA a master development plan to transform the residential north precinct of the campus into a dynamic village to serve the next generation of UNA students.  Through our collaborative partnership we have delivered the first phase of this transformation, in the form of two handsome residence halls that have created a new excitement and energy on the campus.” said Jeff Jones, CDP Principal and UNA Project Executive. “We look forward to continuing our partnership with UNA to turn our shared vision into reality, adding additional housing phases as appropriate to support UNA’s goals for enrollment management and student success.”

About Capstone Development Partners

Capstone Development Partners, LLC is a Birmingham, AL based student housing developer with over 25 years of experience in the higher education student housing industry specializing in the development of on-campus and campus-edge student housing through public private partnerships and affiliations with both public and private colleges and universities. http://www.capdevpartners.com

 

University of North Alabama

The University of North Alabama is an accredited, comprehensive regional state university offering undergraduate and graduate degree programs through the colleges of Arts and Sciences, Business, Education and Human Sciences, and Nursing. Occupying a 130-acre campus in a residential section of Florence, Alabama, UNA is located within a four-city area that also includes Tuscumbia, Sheffield and Muscle Shoals. UNA also operates a renowned collegiate athletic program in NCAA Division II’s Gulf South Conference. The University of North Alabama is an equal opportunity institution and does not discriminate in the admission policy on the basis of race, color, sex, religion, disability, age or national origin. http://www.una.edu

A photo accompanying this release is available at: http://www.globenewswire.com/newsroom/prs/?pkgid=38701

Nicole IvanovichMarketing Administrator Tel: (205) 949-5052402 Office Park Drive, Suite 199Birmingham, AL 35223www.capdevpartners.com

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Associa Virginia Companies Start the Year Hot with 14 New Clients in 2016

January 29, 2016 0

CHANTILLY, Va., Jan. 29, 2016 (GLOBE NEWSWIRE) — Associa Virginia branches Community Management Corporation (CMC) and Select Community Services (SCS) together have been chosen as the management agents for 14 new communities, comprised of more than 2,000 homes, in 2016.

“This is a record January for us as far as client growth and we have full confidence that this momentum can continue throughout the rest of the year,” says Associa CMC and SCS President Nicholas Mazzarella. “Our reputation for providing unsurpassed community management has been realized by these 14 communities and we look forward to living up to that reputation for years to come.”

On January 1, Associa CMC and SCS began providing full management services, including financial, community management, communications, record-keeping and administrative services to the following communities:

•    Chesterfield Mews Community Association in Fairfax, Virginia.

•    Colonial Forge Community Association in Stafford, Virginia.

•    Crescent Place Property Owners Association in Leesburg, Virginia.

•    Hills at Aquia HOA in Stafford, Virginia.

•    Jenkins Row Condominium in Washington, DC.

•    Kentlands Condominium in Gaithersburg, Maryland.

•    Lakeport Cluster Association in Reston, Virginia.

•    Lansdowne Conservancy in Lansdowne, Virginia.

•    Poplar Glen Condominium in Boyds, Maryland.

•    The Glens HOA in Stafford, Virginia.

•    The Residences at Dulles Parkway Condominium Association in Ashburn, Virginia.

•    Walden Woods HOA in Laurel, Maryland.

•    Waterford Manor HOA in Waterford, Virginia.

•    Woods of Catharpin HOA in Spotsylvania, Virginia.

Building and managing successful communities for more than 35 years, Associa is the worldwide leader in community management with over 10,000 employees operating more than 190 branch offices in the United States, Mexico, Canada, the United Arab Emirates and South Africa. Based in Dallas, Texas, our industry expertise, financial strength, and innovation meet the unique needs of clients across the world with customized services and solutions designed to help communities achieve their vision. To learn more about Associa and its charitable organization, Associa Cares, go to www.associaonline.com or www.associacares.com.

Stay Connected:

Facebook: https://www.facebook.com/associa 

Twitter: https://twitter.com/associa 

LinkedIn: http://www.linkedin.com/company/associa 

Pinterest: http://pinterest.com/associa/ 

YouTube: http://www.youtube.com/associamarketing

Google+: https://plus.google.com/+Associaonline/

CONTACT:Billy Rudolph +1 214-272-4107 brudolph@associaonline.com

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WNC Closes $114.7 Million Institutional LIHTC Fund

January 28, 2016 0

IRVINE, Calif., Jan. 28, 2016 (GLOBE NEWSWIRE) — WNC, a national investor in real estate and community development initiatives, announced today it has closed WNC Institutional Tax Credit Fund 41, L.P. (WNC Corp. 41), a $114.7 million institutional low-income housing tax credit (LIHTC) fund.

Estimated to include 1,674 affordable housing units in total, WNC Corp. 41’s portfolio is comprised of 24 family and senior housing communities scheduled for new construction and rehabilitation. The properties will be located in 11 states, including Arkansas, California, Louisiana, Minnesota, Missouri, Montana, New Mexico, Tennessee, Texas, Washington and Wisconsin.

“WNC Corp. 41 is comprised of approximately equal amounts of new construction and rehabilitation projects, helping to not only deliver additional units to those in need, but to also preserve existing units in our nation’s already limited supply,” said WNC Senior Vice President of Investor Relations, Christine Cormier. “In addition, this fund includes approximately 93 percent repeat development partners, which speaks volumes to the success of the LIHTC program over the course of three decades. We are thrilled to continue our partnerships that pursue the growth of the nation’s existing affordable housing supply, and look forward to partnering with new developers in our quest.”

About WNC

WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives, as well as a leading investor in low-income housing tax credits (LIHTC). WNC has acquired more than $7 billion of assets totaling in excess of 1,225 properties in 45 states, Washington D.C. and the U.S. Virgin Islands. Since 2000, WNC has been awarded four New Markets Tax Credit (NMTC) allocations, totaling $178 million, and has facilitated development of 17 low-income community projects. WNC’s investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies. Additional information is available at www.wncinc.com.

ContactJulie LeberSpotlight Marketing Communications949.427.5172, ext. 703 – direct julie@spotlightmarcom.com

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Highgrove Apartments Contract Terminated

January 28, 2016 0

BOSTON, Jan. 27, 2016 (GLOBE NEWSWIRE) — Winthrop Realty Trust (NYSE:FUR) (“Winthrop”) announced today that the contract to sell the apartment building located in Stamford, Connecticut owned by a venture in which Winthrop holds an 83.7% interest has been terminated in accordance with its terms. Pursuant to the terms of the contract, the venture retained the $5,000,000 deposit as the venture was ready, willing and able to close on the closing date. In light of the termination of the contract, the property will be re-marketed for sale.

About Winthrop Realty Trust

Winthrop, headquartered in Boston, Massachusetts, is a NYSE-listed real estate investment trust (REIT). Winthrop’s shareholders have adopted a plan of liquidation pursuant to which Winthrop is liquidating and winding down and, in connection therewith, is seeking to sell its assets in an orderly fashion to maximize shareholder value. For more information, please visit our web-site at www.winthropreit.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. With the exception of the historical information contained in this news release, the matters described herein contain “forward-looking” statements that involve risk and uncertainties that may individually or collectively impact the matters herein described. These are detailed from time to time in the “Risk Factors” section of the Company’s SEC reports. Further information relating to the Company’s financial position, results of operations, and investor information is contained in the Company’s annual and quarterly reports filed with the SEC and available for download at its website www.winthropreit.comor at the SEC website www.sec.gov.

Winthrop Realty TrustCarolyn TiffanyInvestor or Media InquiriesPhone: (617) 570-4614; e-mail: ctiffany@firstwinthrop.com

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