The Timeshare Beat Home | Today's Headlines | Back to Previous Page

Levitt Companies Announce New Commercial Real Estate Finance Division

Levitt Realty & Finance to Deliver Unique Full-Service Financing Program

Press Release: BankAtlantic Bancorp, Inc.
November 19, 2002
FORT LAUDERDALE, FL -- Levitt Companies, a consolidated family of companies that develop, construct, finance, and manage superior commercial real estate, yesterday announced their newest division, Levitt Realty & Finance. The organization will specialize in the acquisition and financing of commercial real estate transactions that are owned, controlled by, or occupied by investment grade public corporations throughout the United States.

Levitt Realty & Finance will focus its business on the following types of commercial real estate transactions:

• Corporate Real Estate Sale-Leasebacks for Investment Grade Public Corporations -- Levitt Realty & Finance will purchase commercial real estate from major investment grade corporations and subsequently lease the property back to the original seller, which allows the corporation to control the use, operation and maintenance of the property, as well as providing the organization with added liquidity to their corporate balance sheet.
• Financing of Properties Long-Term Leased to Investment Grade Public Companies -- Levitt Realty & Finance will facilitate short-term loans nationwide to non-affiliated entities secured by single-tenanted commercial real estate leased to investment grade public companies.
• Credit Facilities to Fund Corporate Sponsored Real Estate Loan Program -- Levitt Realty & Finance will facilitate credit facilities for corporate- sponsored real estate loans. Under this program, corporate sponsors receive funding for the value of underlying real estate, for their nationwide franchisees, subsidiaries, and product and service providers.
• IRC Section 1031 Exchange Real Estate Lending Program -- Levitt will facilitate loans to facilitate 1031 exchange transactions.

"We are very excited about announcing the new Levitt Realty & Finance division. There is a vast need in this industry for an organization that provides a unique full-service program -- Levitt Realty & Finance is that organization," stated John E. Abdo, President of Levitt Companies. "Thomas Dujanovic, President of Levitt Realty & Finance, has more than 25 years of experience in the commercial real estate arena and will be an enormous asset as he leads this organization."

About Levitt Realty & Finance:

Levitt Realty & Finance is a member of Levitt Companies, a consolidated family of companies that develop, construct, finance and manage superior commercial real estate throughout the United States.

Levitt Companies is the parent company of Levitt and Sons, Core Communities, Levitt Realty & Finance, Levitt Commercial and a subsidiary of BankAtlantic Bancorp. Levitt Companies is a wholly owned subsidiary of BankAtlantic Bancorp Inc.

BankAtlantic Bancorp is a $5.8 billion diversified financial services holding company and the parent company of BankAtlantic, Levitt Companies, and Ryan Beck & Co. Through these subsidiaries, BankAtlantic Bancorp provides a full line of products and services encompassing consumer and commercial banking, brokerage and investment banking, and real estate development. BankAtlantic Bancorp is one of the largest financial institutions headquartered in the State of Florida.
----------------------------------------

     CONTACT INFORMATION:
     Hattie Harvey
     Manager, Public Relations
     (954) 760-5383
     hharvey@bankatlantic.com

     Boardroom Communications
     Alison Steinberg
     (954) 370-8999
     alison@boardroompr.com

Source: BankAtlantic Bancorp, Inc.