X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DENVER-Amstar Group Ltd., a private national real estate investment and development company headquartered here, recently completed three swap transactions on $200 million of its floating interest rate debt. The swaps occurred with the Denver office of the Bank of America, which is headquartered in Charleston, NC., and its Global Derivatives Group.

“We believe it was prudent to take advantage of this period of historically low interest rates,” says Bruce O’Neil, Amstar’s director of finance.

He says the swaps ”mitigated Amstar’s exposure to floating interest rates, which is one of the largest risks on the liability side of our balance sheet. In addition to satisfying our very healthy appetite for hedging, these swaps fix the LIBOR rate on this debt at less than 5% for three years.”

Founded in 1987, Amstar controls a diversified portfolio valued at more than $700 million. Its holdings include apartments, office buildings and hotels.

Amstar also has a capital investment affiliate, AGL Capital Investments LLC, a private equity firm that invests in companies serving or operating in the commercial and residential real estate industries.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.