MC Companies Raises Equity and Performs on
Major lenders show confidence in MC Companies, and provide funding for acquisitions in Baytown (Houston) and Austin, Texas. Despite concerns in the real estate market and the financial sector, company principals Ross McCallister and Ken McElroy secure financing and raise equity to expand into two new market areas.
Scottsdale, AZ (PR NEWSWIRE) – July 22, 2008 MC Companies, a real estate investment and development company announced the completion of two back-to-back multi-family acquisitions adding 563 units to the company’s portfolio. Cooper’s Hill located in Austin, Texas closed July 17, 2008 and Bay Harbour Apartments in Baytown, Texas closed in June. “Our ability to secure financing and perform on two acquisitions within 45 days of each other demonstrates the high level of confidence our lenders and investors have in our expertise,” said Ken McElroy, co-principal of MC Companies. “Lenders are very diligent today – they demand a solid track record, and strong relationships,” said Ross McCallister, co-principal of MC Companies. McCallister and McElroy have both the solid track record and the strong relationships. They secured the loan commitment for the Austin deal within 48 hours of signing the contract. “Many of our investors have interests in more than one deal,” said McCallister. “They expect us to find deals that have the potential to deliver above average returns.” Long-time business partners McCallister and McElroy raised and invested the largest single amount of equity in the company’s history for the Austin deal. The Texas acquisitions represent expansion into new market areas for MC Companies. About MC Companies MC Companies is a full-service real estate investment, development, construction and property management company that since 1985 has developed, built and managed multi-family housing communities. MC Companies is headquartered in Arizona with corporate offices in Scottsdale and Tucson. The current portfolio includes units in Arizona, Nevada, Oregon, Oklahoma and Texas. For more information visit: www.mccompanies.com.
Contact: Kim Obert Director Marketing & Public Relations MC Companies 480-998-5400 |
