This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

American Spectrum Realty Announces Successful Completion Of A New Loan Refinance For A Tenant-in-Common Owned Real Estate Portfolio

American Spectrum Realty, Inc. (NYSE MKT:AQQ), a real estate investment, management and leasing company headquartered in Houston, Texas, announced today that it has successfully negotiated a new loan for the San Antonio III self-storage portfolio that was owned by 25 Tenant-In-Common investors (TICs).

The individual ownership interests (comprised of 25 Tenant-In-Common investors) were converted into a newly formed limited liability company (LLC) per the new lender’s loan requirements. American Spectrum Realty, Inc. (“ASR”) became the managing member of the newly formed LLC. ASR and its financial partner contributed additional capital to the new LLC as preferred equity thus allowing for the new ownership to restructure and to refinance. ASR in conjunction with its financial partner also purchased the interests of two Tenant-In-Common (TIC) owners who preferred to “cash out” of their investment rather than stay in the newly formed LLC. ASR and its financial partner will continue to assist other TICs needing to refinance their real estate and/or sell their ownership interests.

San Antonio III is a self-storage portfolio consisting of three properties: (1) AAA Stow Away a 634-unit facility located off I-10 W north of San Antonio and just south of Bourne, Texas, (2) Fair Oaks East a 342-unit facility located off I-10 W north of San Antonio and just south of Bourne, Texas (3) Attic Pantry a 132-unit facility located in Floresville, Texas, approximately 30 miles south of San Antonio. American Spectrum’s National Self-Storage Group assumed the management of the projects in January of 2010 and has since operated the projects under its Self-Storage brand, 1 st American Storage ®.

1st American Storage’s ® cost-efficient branding, aggressive marketing strategies, and streamlined operations resulted in significantly increased occupancy (from 77% to 92%), revenue growth and NOI. 1 st American Storage ® was also successful in leasing space to a United States Post Office branch at AAA Stow Away thereby increasing customer exposure to the facility while increasing revenue. These combined efforts increased the appraised value of the property significantly allowing American Spectrum to successfully negotiate a new loan at a reduced interest rate. The transaction closed on November 2, 2012.

This refinance is a prime example of how American Spectrum provides creative solutions that outperform the market and grow the value of each asset under its management. Our vast experience and market insight provides a strategic, proactive, long term solution to investment challenges. American Spectrum offers a turn-key approach that is committed to maximizing financial performance.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.65 -0.66%
FB $101.93 0.92%
GOOG $681.92 -0.32%
TSLA $150.01 4.40%
YHOO $26.75 -1.30%


Chart of I:DJI
DOW 15,660.18 -254.56 -1.60%
S&P 500 1,829.08 -22.78 -1.23%
NASDAQ 4,266.8370 -16.7550 -0.39%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs