The credit line will be utilized solely for the purpose of acquiring real estate. Already Bresler & Reiner has spotted two parcels in Ocean City, MD that it plans to acquire. It will take $1.8 million of the $30 million credit line to purchase the land, which will become home to a condominium project B&R is planning with an equity partner. According to a May 14 SEC filing covering first quarter results, Bresler & Reiner had invested nearly $8 million during the period from January 1 through March 31, 2004 on the purchase of property and land held for development.
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