January 30, 2015 3:16 AM ET

Real Estate Management and Development

Company Overview of American Asset Corporation

Company Overview

American Asset Corporation, a diversified real estate company, acquires and develops real estate projects in the southeastern United States. Its portfolio includes master planned, retail, office, and industrial properties. The company’s services include strategic planning, project planning and financing, construction management, leasing and brokerage, and property and asset management. American Asset Corporation was founded in 1986 and is based in New York, New York.

10 East 53rd Street

30th Floor

New York, NY 10022

United States

Founded in 1986

Phone:

212-355-5800

Fax:

212-355-0235

Key Executives for American Asset Corporation

President
Founder and Chairman of The Board
Chief Financial Officer and Executive Vice President
Age: 52
Executive Vice President and General Counsel
Executive Vice President of Brokerage
Compensation as of Fiscal Year 2014.

American Asset Corporation Key Developments

American Asset Corporation, Inc. and Bank of America Agree to New Five-Year Loans

American Asset Corporation, Inc. settled a long-running dispute with lender Bank of America over 10 loans on properties represented and managed by AAC. These disputed loans concerned 15% of the diversified commercial real estate portfolio managed and controlled by AAC. The agreement between the parties ended the litigation between the bank and the various borrowers, and resulted in the bank's issuance of new, five-year non-recourse single asset loans on market-based terms for the 10 properties involved in the dispute. The dispute began in 2008 over approximately $130 million in short-term construction loans and their maturity. On Tuesday, April 23, AAC and Bank of America requested that the U.S. bankruptcy court approve a consensual plan for a five-year extension and re-issue of these loans. This plan was approved by the court the same date. The plan essentially resulted in the restructuring of the existing loans into new five-year loans at market rates. With the restructuring agreed to and the plan approved by the U.S. bankruptcy court, AAC ended chapter 11 for these properties as well as the litigation against the bank. The loans on the 10 properties in question have continued to perform well as AAC leased an additional 220,000 square feet during the past two years.

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Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
 

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