America First Multifamily Investors, L.P. (ATAX) saw a push of 5.25% in the aftermarket. However, the last trading session closed at $6.09 with a decline of 1.14%.
Closing of Public Offering of Beneficial Unit Certificates
On 28th September 2021, ATAX stated that it has completed its previously announced underwritten public offering of 4,750,000 beneficial unit certificates. Moreover, it represented assigned limited partnership interests for $6.10 per BUC. The Partnership also stated that the underwriters had fully exercised their option to acquire an additional 712,500 BUCs for $6.10 each. As a consequence of the offering, the Partnership issued 5,462,500 BUCs in total. Lastly, the Partnership received about $31.5 million in net proceeds from the offering.
Sale of Vantage at Bulverde
On 31st August 2021, ATAX reported that the managing member of Vantage at Bulverde sold Vantage at Bulverde. It is a 288-unit market-rate multifamily property situated in Bulverde. The Partnership first invested in the property in March 2018, and it has already committed $8.6 million in equity.
The Partnership got about $18.9 million in net cash at the close of the sale. Furthermore, the value of the company’s equity investing approach for the benefit of unitholders is demonstrated by the investment in the Vantage at Bulverde property. The company promises to keep working with Vantage to explore possibilities for more investment in this asset class as a result of achievements like this.
ATAX Extends Maturity of $50 Million Line of Credit
ATAX announces extending the maturity of a $50 million line of credit on 25th August 2021. Bankers Trust Company engaged in an Amended and Restated Credit Agreement with a maximum investment of $50 million for a guaranteed non-operating line of credit. The Amended Credit Agreement adjusts certain provisions of the Partnership’s previous Credit Agreement with Bankers Trust.
Also, the Partnership also signed a new Revolving Note with a margin based on the Wall Street Journal Prime Rate plus a margin. The Amended Credit Agreement cements our long-standing partnership with Bankers Trust. Lastly, the $50 million Non-operating LOC is a wonderful source of capital for ATAX’s investment purchases.
ATAX announced Second Quarter 2021 Financial Results
ATAX published second quarter 2021 financial results on 5th August 2021. According to the report:
- On the Partnership’s initial investment of $10.7 million in November 2017, profits from the sale of Vantage at Powdersville in South Carolina totalled $20.1 million.
- Advance cash totalling $26.5 million for five current GIL investment commitments.
- Obtained a fresh line of credit from two financial institutions for up to $40.0 million.
