DALLAS--(BUSINESS WIRE)--
Transcontinental Realty Investors, Inc. and Abode Properties, Texas real estate investment company(s), recently obtained a credit facility, with SunTrust Banks, Inc., this marks the first time that TCI, Abode and SunTrust have had a formal relationship. Headquartered in Atlanta, Georgia, SunTrust provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services.
TCI worked through an existing relationship it had with Pillar Financial, a Division of SunTrust, to conclude this important financing transaction tool. This credit facility further ensures and enhances the viability of new construction for Abode’s future development pursuits. This transaction marks the beginnings of a very mutually beneficial and hopefully a long term relationship.
“Our Capital Markets group worked diligently to secure this new line of financing,” commented Daniel J. Moos, Transcontinental Realty Investors and Abode’s President and CEO. “Our corporation is experiencing tremendous growth, both through acquisitions and development. Our new relationship with SunTrust will play a vital part in that growth.”
Abode Properties is a subsidiary of Transcontinental Realty Investors Inc., (NYSE: TCI), a Dallas-based real estate investment company. Abode’s investment and strategic focus is to acquire, develop, and operate a portfolio of desirable multifamily residential properties, while capitalizing on our ability to obtain long term and static debt structures. The portfolio stands to benefit from historically established, proven, and successful operational practices, seasoned on-site management, and an experienced leadership team with forward thinking capabilities in order to realize maximum cash flows and consistent returns, while maintaining unequaled resident and customer service. We are disciplined and prudent allocators of capital and we will continue growing our geographically diverse portfolio from the Southwest to the Southeast. These markets are geographically located in areas of the country that correspond with both sustainable and viable economic growth activity.
Transcontinental Realty Investors (www.transconrealty-invest.com) maintains a strong emphasis on creating greater shareholder value through acquisition, financing, operation, developing, and sale of real estate across every geographic region in the United States. A New York Stock Exchange company, Transcontinental is traded under the symbol "TCI". Transcontinental produces revenue through the professional management of apartments, office buildings, warehouses, and retail centers that are "undervalued" or "underperforming" at the time of acquisition. Value is added under Transcontinental ownership, and the properties are repositioned into higher classifications through physical improvements and improved management. Transcontinental also develops new properties, such as luxury apartment homes principally on land it owns or acquires.
About SunTrust Banks, Inc.
SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of December 31, 2017, SunTrust had total assets of $206 billion and total deposits of $161 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Join the movement at onUp.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180227005238/en/
