Consolidated-Tomoka Land Co. (NYSE MKT: CTO) (the “Company”) today
announced that the outstanding principal balance on the Company’s
commercial mortgage loan investment (the “Loan Investment”) has been
paid off prior to its scheduled maturity. The Loan Investment had an
original principal balance of $19.56 million and was secured by a hotel
in Atlanta, Georgia. The Company acquired the Loan Investment in August
2013 for approximately $17.65 million. Including principal payments,
interest payments, and fees the Company earned approximately $2.5
million in the 5 months of this Loan Investment.
John P. Albright, President and Chief Executive Officer of the Company,
stated, “We are pleased with the result achieved from our first
investment in a commercial mortgage loan, receiving a full payoff of the
principal balance relative to the discount to par that we paid."
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. (NYSE MKT: CTO) is a Florida-based publicly
traded real estate company, which owns a portfolio of income properties
in diversified markets in the United States as well as over 10,000 acres
of land in the Daytona Beach area. Visit our website at www.ctlc.com.
"SAFE HARBOR"
Certain statements contained in this press release (other than
statements of historical fact) are forward-looking statements. The words
“believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,”
“could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,”
“project,” and similar expressions and variations thereof identify
certain of such forward-looking statements, which speak only as of the
dates on which they were made. Forward-looking statements are made based
upon management’s expectations and beliefs concerning future
developments and their potential effect upon the Company. There can be
no assurance that future developments will be in accordance with
management’s expectations or that the effect of future developments on
the Company will be those anticipated by management.
Copyright Business Wire 2014