also partners with the City of Aspen, local environmental groups CORE and CLEER, Advanced Energy Economy Foundation and the UN Foundation.
We have a wonderful relationship with AREI and were able to quickly structure and close the transaction based on pre-existing terms and documentation," said Daniel Edrei, director at Meecorp Capital Markets.
AREI specializes in investment, marketing, development and management of real estate projects which range from business centers and mini-storage facilities, housing subdivisions to assisted care facilities, upscale homes and golf courses.
AREI operates in partnership with other developers, as well as creating new projects.
We've worked with AREI a number of times, and most of the closings required both speed and sufficient leverage," said Daniel Edrei, director at Meecorp Capital Markets.
AREI requested the revolving line of credit to augment its existing credit lines with Capital Source Corp, and others, to provide senior debt.
Headquartered in northern California, AREI holds interests in 19 senior housing properties containing approximately 2,000 units in Oregon, California, Nevada, Pennsylvania, Virginia, North Carolina and South Carolina.
The acquisition of AREI
and AGP will not significantly change Aztar's total assets.
In connection with the limited partnership tender offer, Aztar is acquiring the general partnership interests in AREI
and Ambassador General Partnership (AGP).
AREI) announced today that they have entered into an agreement whereby Aztar will offer to acquire the limited partnership interests in AREI for an aggregate consideration of approximately $58 million in cash.
7 percent in interest of the AREI limited partnership interests and the obtaining by Aztar of financing sufficient to consummate the acquisition.
Martin, a general partner of AREI, has informed Aztar that he has determined that the tender offer is fair to and in the best interest of the limited partners and recommends that the limited partners accept the offer and tender their limited partnership interests.