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Amstar Staging $300-Mil Buying Spree

DENVER-The capital's in place for locally based Amstar to pick up more than $300 million in extra holdings this year. A $100-million credit line has been secured to advance the buying strategy for the firm, already title holder to properties worth more than $700 million.

By John Rebchook | Updated on March 22, 2001

DENVER-Locally based Amstar Group Ltd. should be a $1 billion-plus real estate investment company by year’s end. Amstar plans to acquire more than $300 million in properties this year.

The privately held commercial real estate investment firm already has a portfolio of offices, apartments and hotels of more than $700 million. To prepare for the buying spree, the company’s finance department has secured $100 million in available debt. “We are prepared to meet the financing needs of a very aggressive acquisition plan,” says Brad O’Neil, Amstar’s director of finance. “We recouped $50 million of equity investment in Independence Plaza, our Denver headquarters facility, and secured a new $50-million revolving credit facility.” The 25-story Independence Plaza, along the 16th Street Mall and 17th Street at the edge of Lower Downtown in Denver’s CBD, is Amstar’s flagship property in Denver.

Amstar has secured the $50-million office property financing through Bank One Arizona and Dallas-based Guaranty Bank, explained Brad O’Neil, Amstar’s Director of Finance. Amstar also secured a $50-million revolving credit facility with the Denver REG Office of Wells Fargo, which can be used to collateralize hotel, office or multifamily properties. “This facility can be expanded to $80 million, with additional qualifying properties, and represents a marked expansion of our solid relationship with Wells Fargo,” he says.

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