Investor Q&A with Gar Lippincott and Brad Snyder (AAP) on Residences at Dania Pointe
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About Dania Pointe
Atlantic American Partners is pleased to annouce our 10th EB-5 offering, Atlantic American Fortune Fund III, LP (AAFF III). AAFF III is a diversified fund, where EB-5 investors own a porfolio of projects, versus a single project. This provides diversification of investment and reduces investment risk, much like a mutual fund. Atlantic American Partners is not a developer selling you our own project – we serve as an asset manager working for you. We are a team of experienced real estate investors and professional private equity fund managers that manage money for banks, insurance companies, and pension funds, in addition to EB-5 investors.
The first asset in AAFF III is The Residences at Dania Pointe (or the “Project”). The Project is the first phase of multifamily rental apartments within a 102-acre “Work, Shop, Live, Play” mixed-use community called Dania Pointe, located in Dania Beach, Florida. The Residences at Dania Pointe will offer 264 class “A” units, housed in an eight-story building. Amenities will include a central courtyard (with clubhouse, swimming pool, fitness center, and yoga studio), keyless entry, video surveillance and a secure, attached parking garage.
Dania Pointe will be a 102-acre premiere mixed-use development that will offer 1,000,000 square feet of premium retail and restaurant space, 500,000 square feet of class “A” office space, two hotels (300 hotel rooms), 1,000 class “A” rental apartments, luxury condominiums and public park space. With 1,600 linear feet of frontage on I-95 and immediate proximity to the Fort Lauderdale International Airport, Port Everglades Cruise Ship Port, Dania Pointe’s sophisticated mix of shop, work, live, play and stay options will make it Broward County’s preeminent lifestyle destination.
Phase I of Dania Pointe’s retail space comprises 325,000+ square feet of big box retailers, which is 83% preleased to a variety of national and regional brands including BrandsMart USA, Lucky’s Market, TJ Maxx, Hobby Lobby, and Ulta Beauty, along with several restaurants including Outback Steakhouse and TooJays. Construction of this retail phase is underway, with an expected opening in time for the 2018 Christmas holiday season. Construction of Phase II of the retail (475,000+ square feet) is expected to begin in May 2018 and will be situated in a walkable open-air mall format, interspersed with the residential, hotel and recreational components.
The master developer of the overall Dania Pointe mixed use property is Kimco Realty Corp. Kimco is a real estate investment trust (REIT) that is one of the largest publicly traded owners and operators of open-air shopping centers in the United States. As of September 30, 2017, the company owned interests in 507 U.S. shopping centers comprising 84 million square feet of leasable space, primarily concentrated in the top major metropolitan markets. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 50 years.
Bradley Snyder is a co-founder of Atlantic American Partners' series of EB-5 funds, where he focuses on sourcing, underwriting, negotiation and management of the Fund’s investments.
Prior to the firm's EB-5 practice, Brad served middle market corporate clients as Managing Director of Atlantic American Partners’ investment banking group. Through mergers & acquisitions, capital formation and general advisory services, Brad worked with companies of all stages and size and in a wide range of industries: Business and Financial Services, Biotechnology, Construction, Distribution, Healthcare, Manufacturing, Retail and Hospitality.
Prior to joining Atlantic American Partners, Brad worked with several boutique investment banks, where financed high growth companies through public offerings. He also has extensive experience assisting distressed businesses with secured loan defaults, debt restructuring, Chapter 7 & 11 bankruptcy, Section 363 sale transactions, short term and long term operational strategies, financial strategies and valuations.
Brad earned his Bachelor of Business Administration in Accounting from the University of Miami (Coral Gables, FL) in 1996. He sits on several corporate boards and is a founding board member of VISTA Gardens, a non-profit, organic farming cooperative partnership with Hillsborough County, Florida.
Gar Lippincott joined Atlantic American in 2005 and is a founding principal of Atlantic American Opportunities Fund. Serving as Managing Principal, Mr. Lippincott overseas the Fund’s day-to-day operations, including marketing, as well as sourcing and underwriting investments.
Prior to joining AAOF, Gar served as President of Dominion Capital Group, a small Tampa-based merchant bank providing senior and subordinated loans, and equity capital to small businesses in the Southeast U.S. From 1984 to 1990, Gar was responsible for numerous investments in senior debt, subordinated debt, and various types of equity for the Capital Markets Group of Metropolitan Life throughout the Midwest and Southeastern U.S. Prior to his departure, he had been responsible for Met Life’s LBO activity, through a partnership with First Boston.
Beginning in 1990, at Paribas, Gar headed a team focused on the structuring, underwriting and syndication of bank lines of credit for highly leveraged borrowers. In this role, he led numerous deals for companies such as Revco Drugstores and Sealy Mattress.
From 1994 to 2003, he served as CEO of Central Electric Company, a leading provider of electrical switchgear, packaged electrical control centers and other electrical equipment sold throughout the U.S. to utilities, mines and industrials. Under his tenure at Central Electric, Gar helped grow the company from $15mm in revenue in 1994 to $50mm in revenue in 2001, at which time it was sold to AZZ Inc.
Gar earned his Bachelor of Business Administration in Economics from DePauw University in 1982 and his MBA in Finance and Investments from Indiana University in 1984. He sits on several corporate and charitable boards and is a Chartered Financial Analyst.
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