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Radiant Proves It Can Pay Its Way in Deal for First Union

NEW YORK CITY-Radiant has confirmed that it can pay for its planned acquisition of First Union properties and will be credited with the proceeds from the sale of the Huntington Garage.

By Amy Vaughn | Updated on October 30, 2000

NEW YORK CITY-As GlobeSt.com reported last month, First Union Real Estate Investments of New York executed a sales contract with Radiant Investors, LLC of Delaware for some of the properties of the company, as well as its subsidiaries. This sales contract has now been amended to reflect Radiant’s confirmation that it has obtained the required financing to make this acquisition. Radiant was set to pay about $200 million, but the agreement surrounding the Huntington Garage property has also been amended, impacting the bottom line.

Initially, it was reported that Radiant was going to pay the approximately $200 million with an additional $5 million funding the acquisition of a parking facility in a separate agreement. Now, First Union reports that it has signed a deal with New York-based Northeastern Security Development Corp. for a parking facility known as the Huntington Garage in Cleveland, OH. Northeastern will pay $21,250,000 for the garage and has already given a non-refundable deposit of $1 million. The deal is expected to close at the end of January.

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