Terra Firma Capital Corporation Announces The Closing Of Two Land Banking Transactions Totaling US$24 Million (CDN$33 Million) In Austin, Texas
TORONTO, May 07, 2019 (GLOBE NEWSWIRE) -- Terra Firma Capital Corporation (TSX-V: TII) ("Terra Firma" or the “Company”), is pleased to announce the closing of two land banking transactions (the “Investments”) totaling US$24 million (CDN$33 million) in two separate locations in the Austin MSA. Both sites will be developed by a local well known developer. The combined projects will be developed into 253 lots on two 40 acre sites and are both surrounded by desirable established neighbourhoods in top ranked school districts.
The Investments were partially funded with available cash balances. The remainder of the capital commitments is expected to be substantially funded by the end of 2019. The Investments will be funded by the Company in combination with funds from the Texas Capital credit facility.
“We are very excited to invest with a top notch developer in two well located quality projects in one of the best markets in the United States,” said Glenn Watchorn, President and Chief Executive Officer.