TORONTO, May 07, 2019 (GLOBE NEWSWIRE) -- Terra Firma Capital Corporation (TSX-V: TII) ("Terra Firma" or the “Company”), is pleased to announce the closing of two land banking transactions (the “Investments”) totaling US$24 million (CDN$33 million) in two separate locations in the Austin MSA. Both sites will be developed by a local well known developer. The combined projects will be developed into 253 lots on two 40 acre sites and are both surrounded by desirable established neighbourhoods in top ranked school districts.
The Investments were partially funded with available cash balances. The remainder of the capital commitments is expected to be substantially funded by the end of 2019. The Investments will be funded by the Company in combination with funds from the Texas Capital credit facility.
“We are very excited to invest with a top notch developer in two well located quality projects in one of the best markets in the United States,” said Glenn Watchorn, President and Chief Executive Officer.
About Terra Firma
Terra Firma is a full service, publicly traded real estate finance company that provides real estate financings secured by investment properties and real estate developments throughout Canada and the United States. The Company focuses on arranging and providing financing with flexible terms to real estate developers and owners who require shorter-term loans to bridge a transitional period of one to five years where they require capital at various stages of development or redevelopment of a property. These loans are typically repaid with lower cost, longer-term debt obtained from other Canadian financial institutions once the applicable transitional period is over or the redevelopment is complete, or from proceeds generated from the sale of the real estate assets. Terra Firma offers a full spectrum of real estate financing under the guidance of strict corporate governance, clarity and transparency. For further information please visit Terra Firma’s website at www.tfcc.ca.
The TSX-V has neither approved nor disapproved the contents of this press release. The TSX-V does not accept responsibility for the adequacy or accuracy of this press release.
For further information, please contact:
Terra Firma Capital Corporation
Glenn Watchorn
Chief Executive Officer
Phone: 416.792.4702
gwatchorn@tfcc.ca
or
Terra Firma Capital Corporation
Y. Dov Meyer
Executive Vice Chairman
Phone: 416.792.4709
ydmeyer@tfcc.ca
or
Ali Mahdavi
Managing Director
Spinnaker Capital Markets Inc.
Phone: 416.962.3300
am@spinnakercmi.com