American Spectrum Realty, Inc. (NYSE AMEX: AQQ) (“The Company”), a real estate investment, management and leasing company headquartered in Houston, Texas, announced today that American Spectrum Realty Management, LLC (“ASRM”) was successful in refinancing the loan for Fort Worth Northwest Self-Storage.
Fort Worth Northwest is a 69,275 square foot, 563 unit facility, located on Ephraim Avenue and operates under ASRM’s 1 st American Storage brand. When ASRM began managing the property in January of 2010, occupancy was severely low and the loan was fast approaching maturity. ASRM was able to negotiate a one year extension with the lender in an attempt to refinance the loan.
Through 1 st American Storage’s cost-efficient branding, aggressive marketing strategies, and streamlined operations, Fort Worth Northwest was able to significantly increase occupancy by 29 percent, grow revenue, decrease expenses and therefore, increase NOI. These efforts increased the appraised value of the property and allowed ASRM to successfully negotiate a new loan with C III Commercial Mortgage. The transaction closed on Thursday, March 8, 2012 and reduced the property’s interest rate by nearly 50 basis points.
ASRM provides creative solutions to outperform the market and grow the value of each asset under management. Our vast experience and market insight provides a strategic, proactive, long term solution to investment challenges. ASRM offers a turn-key approach that is committed to maximizing financial performance.About American Spectrum Realty, Inc. American Spectrum Realty, Inc. is a real estate investment company that owns, through its operating partnership, interest in office, industrial, self storage, retail properties, and apartments throughout the United States. The company has been publicly traded since 2001. American Spectrum Realty Management, LLC is a wholly-owned subsidiary of the Company’s operating partnership that manages and leases all properties owned by American Spectrum Realty, Inc. as well as third-party clients.