Examples of Original Sponsor in a sentence
No individual Original Sponsor has a controlling ownership interest in the Company.
No individual Original Sponsor has a controlling ownership interest in Univision.
Hard copy of the fully executed original will be required for closing.Note: Original Sponsor IAHTC Certification will be delivered to the Donor along with the original Illinois Affordable Housing Tax Credit certificate for tax purposes at closing by the Title Company or IHDA’s Legal Department.
Our Manager executed separate support agreements with our Sponsor and Interamar Manager, LLC (“Interamar”), a wholly-owned subsidiary of Joseph Kessel, a principal of our Original Sponsor.
We discuss these conflicts below and conclude this section with a discussion of the corporate governance measures we have adopted to mitigate some of the risks posed by these conflicts.Formation TransactionsOn May 31, 2017, we acquired a fee simple interest in Laumeier from the Original Sponsor Funds pursuant to an acquisition agreement.
Unsecured Note Payable to the Original SponsorOn January 18, 2019, the Company borrowed $15,150,000 from the Original Sponsor to partly fund the acquisition of the Allied Property (the “Affiliate Note Payable II”).
Following the acquisition, the limited partners in the Operating Partnership continue to be investors in either or both of the Original Sponsor Funds.
Prior to the commencement of this offering, we engaged in a series of transactions through which we acquired our initial property from investment funds managed by our Original Sponsor (the “Original Sponsor Funds”) in exchange for an aggregate of 2,070,000 OP Units issued to certain investors in the Original Sponsor Funds.
Prior to forming our Original Sponsor, Mr. Karsh served on the acquisitions team at Canyon Capital Realty Advisors and the Canyon-Johnson Urban Funds, where he was responsible for underwriting, structuring and executing value-add and opportunistic transactions.
In addition, affiliates of our Original Sponsor’s senior management team have substantial pre-existing ownership interests in the Original Sponsor Funds from which we acquired the initial property, and received substantial economic benefits as a result of the formation transactions.