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Armada Hoffler Pauses 3 Projects, Pushes Ahead with 2
Armada Hoffler Properties said it would defer its previously announced Charlotte-area Chronicle Mill and Ten Tryon developments, and the Atlanta-area Southern Post mixed-use development, until economic conditions stabilize. Each of these projects had previously been scheduled to commence during the second quarter.
The Virginia Beach, VA-based REIT also announced that both its Summit Place student housing development in Charleston, SC and Wills Wharf office project in Baltimore remain on schedule for delivery this year. Both projects have sufficient construction loan commitments to fund the remaining estimated completion costs.
“The flexibility afforded by our diversified business model allows us to quickly adapt to changing market conditions,” said CEO Louis Haddad. “Therefore, we will be deferring several of our development projects until economic conditions normalize, thereby alleviating any near-term need for additional capital. As a result, we have indefinitely suspended all capital markets activity through our ATM program.”
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