FRESNO, Calif., June 16, 2011 /PRNewswire/ -- Black Castle Developments, Inc. (Pink Sheets: BDVI) ("BCD"), a real estate acquisition firm focused on purchasing non-performing notes and bank-owned, income-producing commercial properties, today announced that it has entered into escrow to acquire an over 50-unit apartment complex located in Fresno, CA. The Company previously announced it had entered into a letter of intent agreement to purchase the property for $1 million. The terms of the purchase and sale agreement have been agreed upon between BCD and the bank that owns the property and also a $25,000 deposit has been made into the escrow account at Placer Title.
"BCD continues to embark on new commercial and residential acquisitions that can help alleviate and revitalize the troubled real estate market. Our ability to identify properties and negotiate extremely favorable pricing positions us to create a windfall of opportunity for our shareholders. The purchase price of the Fresno complex is $1 million, but the real value is at least double that," said BCD Chief Executive Officer Jeff Holroyd. He goes on to share that, "Our #1 focus with our property acquisitions is income. We anticipate at least a 20% annual rate of return on our $1,000,000 acquisition. Over the past decade, I have personally established business relationships with a plethora of investors, bankers and brokers. I am pleased to say that with the formation of BCD, many of my constituents are now selecting BCD to represent them exclusively. Furthermore, we have an opportunity to close a minimum of 400+ more units with the same profit potential at a 50% discount."
About Black Castle Developments, Inc.
Black Castle Developments, Inc. is focused on the direct acquisition of non-performing notes (NPNs) and the development, operation and management of income-producing commercial and residential distressed properties. The Company was founded by executives with over 20 years of experience in commercial real estate finance, origination, negotiation, and transaction execution. Profiling hundreds of NPNs daily in the $1 trillion U.S. loan marketplace, Black Castle Development's financial deal makers are capitalizing on the unprecedented and opportunistic U.S. real estate market. For more information, visit www.blackcastledevelopments.com.
Statements contained in this news release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.
SOURCE Black Castle Developments, Inc.