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GlobeSt.com UPDATE: Disposition Pushes Tarragon's Capital Redeployment

NEW YORK CITY-Tarragon Corp. continues with its capital redeployment effort. The company is divesting of its real estate investments to concentrate on urban homebuilding efforts.

By Barbara Jarvie | Updated on December 13, 2005

(To read more on the debt and equity markets, click here and to read more on the multifamily market, click here.)

NEW YORK CITY-Tarragon Corp., based here, has contributed its interest in 14 rental apartments to Ansonia Apartments, an unconsolidated partnership that now has 23 complexes under its banner. It’s part of Tarragon’s strategy to dispose of substantially all of its real estate investment properties to focus on its core urban homebuilding business.

The 14 communities have a fair market value of $341 million and were exchanged for an additional interest in Ansonia. The transaction included $391 million of long-term, senior financing provided by GE Real Estate. The deal is one of the first mortgages originated under GE’s new flexible fixed-rate product. The collateral for the loan is Ansonia’s 5,631-unit portfolio of class A and B stabilized properties in Alabama, Connecticut, Florida, Georgia, Maryland, Tennessee and Texas, including Vintage at Madison Crossing.

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