Global Asset Management Group Signs LOI for $100 Million Affordable Housing Portfolio in Washington, D.C.
Global Asset Management Group, Inc. (OTCQB: GAMG) has signed a letter of intent with Madison Investments LLC to pursue the recapitalization and rehabilitation of an 11-property Section 8 affordable housing portfolio located in Washington, D.C. The company's preliminary assessment values the aggregate portfolio at approximately $100 million. The proposed business plan focuses on property improvements, increasing occupancy rates, and stabilizing long-term operating performance through leasing initiatives and potential refinancing via U.S. Department of Housing and Urban Development (HUD) programs. While the transaction aims to create shareholder value, it is designed to preserve affordable housing opportunities for local residents. The parties are targeting a 45 to 60-day window to reach definitive agreements, though completion remains subject to due diligence, financing arrangements, and regulatory approvals. Notably, SOLID Housing Inc., the nonprofit associated with the properties, is not being acquired as part of this transaction.
Tickers: $GAMG
Topics: Affordable Housing Letter of Intent Real Estate Acquisition Recapitalization