tag:blogger.com,1999:blog-2080506270244832638.post9056399063192309209..comments2024-03-28T07:17:13.573-05:00Comments on Clark Street Value: MMA Capital Update: New Name, Up-Listing, Still CheapMDChttp://www.blogger.com/profile/10679835609782815537noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2080506270244832638.post-65523696378232319272014-11-14T10:35:13.165-06:002014-11-14T10:35:13.165-06:00Another value adding transaction was announced tod...Another value adding transaction was announced today, lots of ways for MMAC to add value across their assets:<br /><br />"On November 13, 2014, the Registrant entered into a joint venture that immediately acquired a mixed-use development property in Spanish Fort, Alabama. The Registrant contributed approximately $9 million to the joint venture, for a stated interest of 80%, subject to certain waterfall provisions of the joint venture’s operating agreement. The Registrant will account for its interest in the joint venture under the equity method of accounting and is currently estimating that it will be allocated net income from the joint venture of approximately $6 million to $8 million in the fourth quarter of 2014. In addition to the Registrant’s equity interest in the joint venture, the Registrant holds investments in certain Capital Improvement Development District (“CID”) bonds that depend on the tax revenue generated by businesses and tenants of the mixed-use development. Collectively, the Registrant’s investment in the completion of the development may positively impact the performance of the CID bond investment. As of September 30, 2014, the unpaid principal balance and carrying value of the CID bonds are $28.7 million and $25.1 million, respectively."MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.com