PURCHASE, N.Y.–(BUSINESS WIRE)–July 22, 2003–The Tuckerman Group, the real estate investment unit of State Street Global Alliance LLC, today announced the closing on an equity investment inStation Plaza, a multi-family development project in Kirkwood, Missouri. Station Plaza is the seventh transaction for The Tuckerman Group’s Multi-Family Development Program III, a specializedinvestment program focused on the ground-up development and eventual sale of high-quality multi-family properties.<\/p>\n
Station Plaza is a 215-unit, to-be-built “new urbanism” town-square development that will feature loft-style apartments in Kirkwood, St. Louis County, Missouri, approximately 15 miles southwest of downtown St. Louis. Located on Kirkwood Road in the heart of downtown Kirkwood, opposite City Hall and the city’s historic train station, the development offers convenient access to Lambert International Airport, Clayton’s central business district and Creve Coeur’s technology and health care corridor. The property will consist of one-, two-, and three-bedroom units, built in four distinct buildings that will expand and preserve the historic ambiance of downtown Kirkwood. Designed with a pedestrian-friendly emphasis, community amenities will include a clubhouse with fully equipped fitness and business centers, 40,000 square feet of street-level retail and restaurant space, and a European-style plaza that will face City Hall. The development will also feature two parking garage structures that will have a total of 659 parking spaces. Construction of the project has commenced with anticipated delivery of the first units expected in fall, 2004. MLP Investments, LLC is the developer and LaSalle Bank, N.A. will provide the construction loan.<\/p>\n
MLP Investments, LLC is a St. Louis-based multi-family development, construction, and management firm. Since it was established in 1990, the company has developed over 4,100 units, totaling over $250 million in market value, and is ranked as one of the top 20 multifamily developers nationwide. The principals of MLP Investments, LLC are Stan McCurdy, Joseph Leibold and John Porta.<\/p>\n
Chairman and Chief Executive Officer of The Tuckerman Group, Charles Lauckhardt, said: “This project further strengthens our investment strategy of identifying high barrier to entry markets with favorable demographics. We are very excited about working with MLP, a partner with which we have enjoyed great success.”<\/p>\n
Multi-Family Development Program III received capital commitments of $85 million from institutional investors, including SSgA, as well as high net-worth investors. The program will employ leverage of up to 80%, generating approximately $400 million of real estate acquisitions. The Tuckerman Group’s Multi-Family Development Program I was established in 1997 and was completed in March 2000. It financed the construction of five luxury apartment complexes throughout the United States, representing in excess of $108 million in total asset capitalization. Development Program I provided a total internal rate of return (IRR) to its investors of 26.7 percent. The Tuckerman Group’s Development Program II closed in May 2000 and raised $46 million of capital, which was invested in eight (8) separate apartment communities with a total of 2,272 units and capitalization exceeding $200 million.<\/p>\n
About The Tuckerman Group<\/p>\n
The Tuckerman Group is part of State Street Global Alliance, LLC; a jointly-owned subsidiary of State Street Global Advisors and ABP, one of the world’s top three largest pension funds, focused on partnering with innovative asset management specialty firms. The Tuckerman Group has two principal units: Tuckerman Investors, offering value-added investment programs to institutional investors on a co-investment basis, and Tuckerman Securities, managing funds which invest in Real Estate Investment Trusts (REITs) on both an active fundamental and passive basis.<\/p>\n
The Tuckerman Group currently manages over $1.3 billion in real estate assets. The Tuckerman Group has its headquarters in Purchase, N.Y. with additional offices in Boston and Chicago.<\/p>\n
About State Street Global Alliance<\/p>\n
State Street Global Alliance LLC, created with ABP in February 2001, is built on the success of a team that began at State Street Global Advisors in 1997, which invested in small, innovative asset managers to complement existing strategies at SSgA. The Alliance currently has seven additional members around the world–Advanced Investment Partners, a U.S. equity quantitative fund manager based in Clearwater, Florida; Boston Capital Management, a holding company for Pallada Asset Management, a Moscow-based fund manager; Rexiter Capital Management, a London-based active fundamental emerging markets manager; SSARIS Advisors, LLC, a Stamford, CT based absolute return investment manager; The Tuckerman Group, a manager of direct and passive real estate investment portfolios based in Purchase, New York; BDC Asset Management, an alternative investment manager based in Boston, MA; and Innovest Strategic Value Advisors, an investment research and sub-advisory firm based in New York, NY. For more information about State Street Global Alliance, LLC, please visit www.SSgAGlobalAlliance.com.<\/p>\n
About ABP<\/p>\n
ABP is the pension fund for public employees in the governmental and education sectors in the Netherlands. With assets amounting to nearly 142 billion Euros at end second quarter 2003, ABP is one of the largest pension funds in the world. Its client base totals some 2.4 million participants and retirees (e.g.: civil servants, education, universities, police and fireman). At end second quarter 2003 ABP’s asset mix consisted of 51% fixed income, 32% equities, and 17% alternative investments. The strategic aim is to further enhance investment returns through a decrease of fixed income in favor of equities and an increase of private equity, hedge funds, commodities and other alternative investments and the portfolio of long-term complex products such as: asset backed securities, corporate bonds and inflation linked bonds. (see also www.abp.nl)<\/p>\n
About SSgA<\/p>\n
State Street Global Advisors, the investment management group of State Street Corporation, uses quantitative and traditional techniques to manage $901 billion in investment programs and portfolios for institutional and individual investors. In addition to Boston, State Street Global Advisors has full investment operations in Hong Kong, Tokyo, Singapore, London, Paris, Montreal, Munich, and Sydney. It also has offices in Brussels, Dubai, Moscow, Prague, Santiago, Seoul, Toronto, and Zurich. In the United States, it has offices in 14 other cities.<\/p>\n
For more information, visit State Street Global Advisors at www.ssga.com.<\/p>\n","protected":false},"excerpt":{"rendered":"
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