SOURCE: Tarragon Corporation

October 18, 2007 17:01 ET

Tarragon Corporation Completes Additional $91 Million of Property Sales

NEW YORK, NY--(Marketwire - October 18, 2007) - Tarragon Corporation (NASDAQ: TARR), a leading mixed use developer with a focus on for rent and for sale multifamily housing, today announced that it has completed the sale of three properties, The Vintage at Abacoa in Jupiter, Florida, 100 East Las Olas in Ft. Lauderdale, Florida and the Kennesaw Farms Apartments development in Gallatin, Tennessee for a total of $91,367,000.

William Friedman, Tarragon's Chairman and Chief Executive Officer, said, "While our recent sales have been motivated by the need to reduce debt and increase liquidity in the face of very difficult market conditions, we realized a pretax profit of over $20 million on the sale of The Vintage at Abacoa which we built in 2003, making up for some of the losses on recent transactions. I am pleased to also announce that we have fully implemented agreements announced earlier this month with several of our lenders to reinstate over $150 million of loans previously in default."

About Tarragon Corporation

Tarragon Corporation is a leading developer of multifamily housing for rent and for sale. Tarragon's operations are concentrated in the Northeast, Florida, Texas and Tennessee. To learn more about Tarragon Corporation, visit: www.tarragoncorp.com.

Forward-looking Statements

Information in this press release includes "forward-looking statements" made pursuant of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "intends," "estimates," "designed to" and variations of these words and similar expressions are intended to identify forward-looking statements, which include statements regarding discussions with other significant lenders, the expected use of net proceeds of currently contemplated property sales, Tarragon's financial condition and short-term liquidity needs and strategic and financial alternatives that may be pursued by, or available to, Tarragon. Actual results and the timing of certain events could differ materially from those projected or contemplated by these forward-looking statements due to a number of factors, including Tarragon's ability to complete currently contemplated property sales on acceptable terms and conditions and to identify suitable strategic or financial alternatives in the near-term, the results of negotiations with Tarragon's lenders and other creditors, conditions in the homebuilding industry, the residential real estate and mortgage markets and the capital and financial markets generally, general economic conditions, interest rates and other risk factors outlined in Tarragon's SEC reports, including its Annual Report on Form 10-K. Tarragon assumes no responsibility to update forward-looking information contained herein.

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Contact Information

  • Contacts:

    Broadgate Consultants, LLC
    Alan H. Oshiki
    (212) 232-2222
    Email Contact


    Tarragon Corporation
    William S. Friedman
    (212) 949-5000
    Email Contact