Consolidated Tomoka Acquires a Loan Secured by a Hotel in Atlanta, GA
DAYTONA BEACH, Fla.--(BUSINESS WIRE)-- Consolidated-Tomoka Land Co. (NYSE MKT:CTO) (the “Company”) today announced the acquisition of a loan secured by an upper upscale hotel in Atlanta, Georgia. The Company purchased the $19.56 million performing loan at a discount to par.
The loan has an interest rate of 1-month LIBOR plus 450 basis points and matures in March 2014.
John P. Albright, President and Chief Executive Officer of the Company stated, “Through this loan purchase, our first, we continue to execute on our business plan by diversifying our investment platform with investments that produce strong risk adjusted yields.” Mr. Albright further noted, “This short term floating rate loan is below replacement cost and produces an attractive investment yield.”
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. is a Florida-based publicly traded real estate company, which owns a portfolio of income properties in diversified markets in the United States, as well as over 10,000 acres of land in the Daytona Beach, FL area. Visit our website at www.ctlc.com.
"SAFE HARBOR"
Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements. The words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. Forward-looking statements are made based upon management’s expectations and beliefs concerning future developments and their potential effect upon the Company. There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management.
Consolidated-Tomoka Land Co.
Mark E. Patten, 386-944-5643
Sr. Vice President & Chief Financial Officer
mpatten@ctlc.com
Fax: 386-274-1223
Source: Consolidated-Tomoka Land Co.