Black Castle Developments Signs Letter of Intent to Acquire 50-Unit Apartment Complex in Fresno

FRESNO, Calif., June 10, 2011 /PRNewswire/ -- Black Castle Developments, Inc. (Pink Sheets:BDVI) ("BCD"), a company involved in the purchase of non-performing notes and bank-owned, income-producing commercial real estate, today announced that it has executed a formal letter of intent (LOI) to acquire a 50+ unit apartment complex valued in excess of its $1,000,000 purchase price. Located in Fresno, CA and in close proximity to major shopping malls, medical facilities, and entertainment venues, this attractive property will be acquired at a 50% discount to market value. BCD is continuing its due diligence on the property and expects to enter escrow in 15 days.

BCD Chief Executive Officer Jeff Holroyd, commented, "BCD has been diligently identifying and evaluating a portfolio of potential acquisitions. Through our long-standing relationship with a network of brokers and REO asset managers, we have found a property that meets our strict criteria, including the generation of immediate cash flows and an above average return on investment.  

"The Fresno marketplace is prime example of a market that is excellent for acquiring real estate based on our cash flow models; we also feel there are several more large complexes available for acquisition," added Holroyd. "BCD continues to stay the course of real estate acquisition as promised.  Thank you for your interest in our company and we hope you enjoy owning a piece of what will be the most exciting real estate acquisition company of its time."  

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.