TORONTO, ON--(Marketwired - June 26, 2014) - Delavaco Residential Properties Corp. ("Delavaco" or "the Company") (TSX VENTURE: DVO.U) (DELAF) announced today the company has secured financing through FirstKey Lending, LLC, on 120 unencumbered homes in Dekalb, Fulton and Clayton counties in the state of Georgia. The USD $4 million loan is offered at a highly competitive, fixed rate and has a maturity date of July 1, 2019.
"This financing comes at a great time for the company and will allow us to move forward on business initiatives," commented Andrew DeFrancesco, Chief Executive Officer. "Perhaps more importantly, we have established a new relationship with a lender in the U.S. with deep roots in this type of financing and a thorough understanding of our business."
About Delavaco Residential Properties Corp.
Delavaco Residential Properties Corp. was formed on January 27, 2011 to take advantage of the U.S. housing crisis with the goal of significant capital appreciation through the recovery of the housing sector. Now a public company, Delavaco has its shares listed for trading on the TSX Venture Exchange and the OTCQX marketplace in the U.S. Delavaco is focused on the ownership and management of single and multi-family residential properties located principally in the south-eastern United States. Delavaco's real estate portfolio consists of 525 single-family homes in Florida, 298 single-family homes in Georgia, 311 multi-family units in Florida and Texas and 96 multi-family units in New Jersey. Delavaco also manages a 316 multi-family unit portfolio in Hollywood Florida. Delavaco's acquisition strategy involves the identification and purchase of under-valued residential properties located in highly populated and dynamic urban centers within the lower to middle income demographic sector with tenants who qualify for government funding under the United States rental voucher assisted program. Delavaco's security holders include some of the leading Canadian institutional investors and real estate holding companies.
FirstKey offers a full suite of specialty real estate financing products and loan servicing solutions to customers across the United States. Backed by Cerberus Capital Management, L.P., one of the world's leading private investment firms, FirstKey provides loans of $100,000 to $500 million across a variety of products tailored to both residential and commercial borrowers, including owners of one- to four-family residential rental properties. Through a team of professionals with decades of experience at leading financial institutions, FirstKey has the strength and stability to provide a wide range of real estate financing products for all sectors of the industry. For more information about FirstKey, please visit http://www.firstkeyholdings.com/.