Roberts Realty Investors, Inc. Renews $8,175,000 Land Loan
22 Julho 2009 - 3:35PM
PR Newswire (US)
ATLANTA, July 22 /PRNewswire-FirstCall/ -- Roberts Realty
Investors, Inc. (NYSE Amex: RPI) announces it has renewed an
$8,175,000 loan on its Peachtree Parkway land with Wachovia Bank
and extended the maturity date to July 31, 2010. Peachtree Parkway
is a 23.5 acre site zoned for 292 apartments located in Peachtree
Corners directly across from the Forum, an exclusive 580,000 square
foot lifestyle shopping center. Mr. Charles S. Roberts, President
and CEO, stated: "The renewal of this land loan exemplifies the
continued confidence of Wachovia in our business plan for the
Peachtree Parkway property. Throughout 2008 and 2009, during the
most severe credit crisis in our nation's history, we have
consistently refinanced our debt at very competitive rates and
terms while extending their maturities." Despite this difficult
economic recession, the company is continuing to execute its
long-term business plan and develop new apartment communities. The
company currently has two new communities in the permitting
process. Sawmill Village is a 154-unit property located in Forsyth
County, Georgia, and the company expects to obtain the land
disturbance permit and commence grading in September 2009.
Northridge, a 220-unit property located in Sandy Springs, Georgia,
has been cleared, and grading is expected to begin in October 2009.
The company is also completing the engineering work on its
Peachtree Parkway property and anticipates starting construction by
mid-2010. Mr. Roberts added: "Our company has a proven track record
of successfully developing apartment communities at the low point
in the economic cycle when others are fearful and unable to make
new investments. Now is an opportunistic time to build new
apartments and we intend to take advantage of this opportunity to
create value for our shareholders." Roberts Realty Investors, Inc.
is a self-administered, self-managed equity real estate investment
trust based in Atlanta. This press release contains forward-looking
statements within the meaning of the federal securities laws.
Although the company believes the expectations reflected in the
forward-looking statements are based on reasonable assumptions, the
company's actual results could differ materially from those
anticipated in the forward-looking statements. Certain factors that
might cause such a difference include the following: the company
may not be able to carry out its development and construction plans
as it currently anticipates because: it may be unable to obtain
construction financing, or may be unable to obtain it in a timely
manner; it may be unable to obtain the required governmental
permits or may be delayed in obtaining them; and it faces various
construction risks, including increased material, labor or other
costs. For more information about other risks and uncertainties
Roberts Realty faces, please see the sections entitled "Risk
Factors" in Roberts Realty's most recent annual report on Form 10-K
and quarterly report on Form 10-Q as filed with the SEC.
DATASOURCE: Roberts Realty Investors, Inc. CONTACT: Charles S.
Roberts, President, Telephone: +1-770-394-6000, Fax:
+1-770-551-5914
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