NEW YORK, May 23 /PRNewswire-FirstCall/ -- Tarragon Corporation
(Nasdaq: TARR), a leading developer of multifamily housing for rent and for
sale, today announced that it has begun closings on 125 pre-sold homes at
One Hudson Park, the Company's 168-unit high-rise condominium community in
Edgewater, NJ. The closings are expected to generate approximately $95
million in sale proceeds over the next 90 days, which will be used to repay
the existing construction loan of approximately $74 million. Most of the
remaining proceeds will be used to reduce other outstanding debt. During
2007, Tarragon expects to repay totals of approximately $125 million of
consolidated debt on condominium conversion communities, $130 million on
newly built, for-sale developments and $165 million on rental apartment
developments.
"These closings at one of our premier communities validate our business
model and will contribute significantly to our debt reduction goals for the
year. We see continued demand for our core developments in the Northeast
and these revenues, combined with proceeds from the sale of new or recently
renovated rental communities, will more than offset difficult real estate
market conditions in Florida," said Tarragon Chairman and Chief Executive
Officer William Friedman.
One Hudson Park is a newly-constructed, 15-story luxury condominium
with one, two and three-bedroom homes that feature floor-to-ceiling windows
with panoramic views of the Hudson River and Manhattan skyline. All homes
have contemporary kitchens and baths by V Studio. The building features a
dramatic two-story lobby with grand staircase as well as a spa with 50-foot
pool, fitness center, yoga studio, media lounge, sun deck, children's room,
board room, and 24-hour attended lobby.
About Tarragon Corporation
Tarragon Corporation (Nasdaq: TARR) is a leading developer of
multifamily housing for rent and for sale. The Company's operations are
concentrated in urban areas in the Northeast, Florida, Texas and Tennessee.
To learn more about Tarragon Corporation, visit: http://www.tarragoncorp.com
Forward-looking Statements
Information in this press release includes forward-looking statements
made pursuant of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Actual results and the timing of certain
events could differ materially from those projected or contemplated by the
forward-looking statements due to a number of factors, including, but not
limited to, general economic conditions, interest rates, weather, the
availability of financing for development and acquisition, risks associated
with the proposed spin-off of the Company's homebuilding division as
described in the Company's SEC filings relating to that transaction, and
other risk factors outlined in the Company's SEC reports, including its
Annual Report on Form 10-K. The Company assumes no responsibility to update
forward-looking information contained herein.
TARR-G
SOURCE Tarragon Corporation
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Related links:
http://www.tarragoncorp.com
CONTACT:
Alan H. Oshiki, of Broadgate Consultants, LLC
for Tarragon Corporation, +1-212-232-2222, aoshiki@broadgate.com;
William S. Friedman, of Tarragon Corporation, +1-212-949-5000,
wfriedman@tarragoncorp.com
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