NEW YORK, NY--(Marketwired - Jun 27, 2013) - Prospect Capital Corporation (
Prospect has made this latest real estate investment by investing debt and equity into its portfolio company APH Property Holdings, LLC ("APH"), which owns a tax-efficient private real estate investment trust ("REIT"). APH's REIT has invested in The Resort as well as other multi-family properties, which are all being actively managed by property management firms that have co-invested with APH's REIT in each transaction. APH's REIT has now made seven real estate investments aggregating $151.6 million.
The Resort is located in Pembroke Pines, a community close to both Fort Lauderdale and Miami. The Resort is a premier residential community encompassing 1,520 rental units in 190 buildings on approximately 85 acres. The Resort offers villa-style rental apartments in a low-density environment with extensive luxury amenities. Prospect has invested alongside The Carroll Organization, an experienced owner and operator of multi-family properties in the U.S. Southeast.
"Prospect is actively pursuing real estate investments, particularly in the multi-family residential real estate asset class," said Bart J. de Bie, a Managing Director of Prospect Capital Management LLC. "These rent-producing properties generate attractive current yields as well as long-term capital appreciation potential."
With more than $4.7 billion of assets and committed capital across more than 120 portfolio companies, Prospect is one of the largest and most diversified companies in the business development company peer universe. Prospect's diversified yield businesses include private equity sponsor finance, non-sponsor direct lending, Prospect-sponsored recapitalizations, structured credit investments, and real estate investments. Prospect examines all industries as part of its investment review.
Prospect has closed more than $1.4 billion of originations to date in the current 2013 calendar year. Prospect closed nearly $3 billion of originations in the twelve months ended March 31, 2013.
ABOUT PROSPECT CAPITAL CORPORATION
Prospect Capital Corporation (www.prospectstreet.com) is a business development company that focuses on lending to and investing in private businesses. Our investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.
We have elected to be treated as a business development company under the Investment Company Act of 1940 ("1940 Act"). We are required to comply with a series of regulatory requirements under the 1940 Act as well as applicable NASDAQ, federal and state rules and regulations. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986. Failure to comply with any of the laws and regulations that apply to us could have an adverse effect on us and our shareholders.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.