MIAMI, Nov. 29, 2021 (GLOBE NEWSWIRE) -- Community Redevelopment (OTC: CRDV) ("the Company"), a developer of community oriented real estate in urban and suburban markets with a focus on all aspects of the real estate development cycle, announced today that it has signed a letter of intent to acquire a 51% majority membership interest in a portfolio of 12 properties, which are both leased and under development, in the Washington DC metropolitan region. Community Redevelopment sourced this opportunity off-market and leveraged its reputation as a strong and credible buyer to enter into the letter of intent.
The transaction is expected to close during the first quarter of 2022. As a result, Community Redevelopment will now have additional bookable assets of millions of dollars entering onto its balance sheet. The Company will also receive a pro-rata share of the cash flow from the properties, a pro-rata share of capital gains, as well as assuming a pro-rata share of the debt, development costs, and operating costs. Community Redevelopment will also be required to indemnify and pay all costs associated with the continuing development of the acquired assets and to fund all capital calls on the properties.
Community Redevelopment offers investors an opportunity to participate in the growth and upside of trends in the real estate market by being a shareholder. As an owner of shares of common stock, investors experience significantly increased liquidity as compared to owning real estate.
Garfield Antonio, President and Chief Operating Officer of Community Redevelopment, said, "We are excited about our current pipeline portfolio, upcoming milestones and pending catalysts. Signing this letter of intent to acquire the majority membership interests in this 12-property portfolio obviously provides Community Redevelopment with an opportunity for growth. Once closed, the transaction will add significant assets to our balance sheet.” Mr. Antonio continued, “This letter of intent on these properties is in line with our investment criteria that consists of quality, well positioned real estate in in attractive markets throughout the Mid-Atlantic and Southeastern United States. Our business plan includes bringing our shareholders more projects and rapid growth in the area of land development, design build, property ownership, and site redevelopment."
About Community Redevelopment
Community Redevelopment affords potential investors a significant opportunity to participate in the process of identifying and redeveloping entire communities and regional areas, via a publicly traded company. Community Redevelopment Inc. is a full-service real estate company with a management team that has extensive experience in acquiring, developing, constructing, and managing high-quality multifamily, and retail properties in attractive markets throughout the Mid-Atlantic and Southeastern United States, as well as capital markets. The Company is focused on all aspects of the real estate development cycle including land development, design build, property operations, and site redevelopment. In addition to the ownership of our operating property portfolio, Community Redevelopment plans to develop and build desirable properties for its own account and through joint ventures with affiliated and unaffiliated partners.
Community Redevelopment, Inc. is focused on community development in urban and suburban markets and our mission is to integrate our proprietary business model by providing sustainable, long-term value to investors as we strive to provide opportunities to improve neighborhoods with residential, commercial, and industrial development projects while designing architecturally pleasing, clean, energy efficient communities and commercial structures. For more information on Community Redevelopment Inc., please contact us at (954) 233-1481, or (800) 210-9438 for those outside of the calling area. You may also visit our website at www.comredev.com.
Forward-Looking Statements
This announcement contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements include but are not limited to statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," "projects" and similar expressions. The statements in this release are based upon the current beliefs and expectations of our company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Numerous factors could cause or contribute to such differences, including, but not limited to, results of clinical trials and/or other studies, the challenges inherent in new product development initiatives, the effect of any competitive products, our ability to license and protect our intellectual property, our ability to raise additional capital in the future that is necessary to maintain our business, changes in government policy and/or regulation, potential litigation by or against us, any governmental review of our products or practices, as well as other risks discussed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our latest 1-A Report filed on November 24th 2021. We undertake no duty to update any forward-looking statement or any information contained in this press release or in other public disclosures at any time. Finally, the investing public is reminded that the only announcements or information about Community Redevelopment Inc. which are condoned by the Company must emanate from the Company itself and bear our name as its Source.
For Investor Relations, please contact:
David Kugelman
(800) 210-9438 extension 5
(404) 281-8556 Mobile and WhatsApp
Skype: kugsusa
ir@comredev.com
