Recent News FirstCity Crestone Recapitalizes Cabinet Manufacturer FirstCity Crestone Portfolio Company Acquires Porta-Kamp FirstCity Crestone Acquires Short-Line Railroad |
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| News Release
FirstCity Crestone Closes First Deal July 10, 2007 -- FirstCity Crestone ("Crestone") announced the closing of its first transaction, a $3,000,000 investment supporting the acquisition of a large multi-family property in the northwestern United States. Crestone provided a second lien loan with a high loan to value. This allowed Crestone’s developer partner to close quickly and retain a majority equity stake in the project. "The property is a hidden gem in an attractive market; however, historically, it has been managed poorly," according to Rich Horrigan, managing director of Crestone. "Our partner has developed an ambitious plan to improve and reposition the project. We look forward to finding similar situations nationwide to invest in underperforming assets and operating businesses." |
