CLARKSDALE, Miss., Sept. 1, 2005 (PRIMEZONE) -- Superior Development Group, Inc. (Pink Sheets:SDVG), a leading provider of affordable housing, announced today that it has signed a $3,900,000 Letter of Intent with PNC MultiFamily Capital, a division of PNC Real Estate Finance, to be used as an equity investment in the Blues Alley Estates L.P., a 92-unit, affordable, single-family home subdivision.
Derrick D. Neal, president and CEO of Superior Development Group, Inc. commented that, "We are extremely pleased that PNC MultiFamily Capital has shown confidence in our ability to provide affordable housing by agreeing to make such an equity investment with us in this project and we hope to close the entire $10,000,000 refinancing of the Blues Alley Estates development in September."
About Superior Development Group, Inc.
Superior Development Group, Inc. is a publicly traded, multi-faceted real estate development, construction-operative builder and sales company. The Company's development efforts are focused in four major areas of the housing market: development of affordable lease-to-purchase, single-family residential; development of affordable multifamily rental housing; acquisition, development of raw land for subdivision development; and the acquisition and rehabilitation of existing multi-family and commercial properties.
About PNC MultiFamily Capital
PNC MultiFamily Capital is a nationally recognized, established source of financial services for the multifamily housing industry, particularly affordable and senior housing. PNC Real Estate Finance specializes in financial solutions for the acquisition, development, permanent financing and operation of commercial real estate nationally. A member of The PNC Financial Services Group, Inc., PNC Real Estate Finance offers treasury and investment management, access to the capital markets, commercial mortgage loan servicing and other products and services to clients that develop, own, manage or invest in commercial real estate.
The PNC Financial Services Group (NYSE: PNC), headquartered in Pittsburgh, is one of the nation's largest diversified financial services organizations, providing regional community banking; wholesale banking, including corporate banking, real estate finance and asset-based lending; wealth management; asset management; and global fund services.
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