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<br />I <br />I <br />i <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />THE SHELTF.R/CAN-AMERICAN GROUP <br />PRIOR PE~FORMANCE <br />DEVELOPMENT/SYNDICATIO~ <br /> <br />DETAIL <br /> <br />SHELTER REALTY PARTNERS III <br /> <br />$8,000,000 Limit~d Partnershlp Interests offercu in 125 units of <br />$64,000 each. Offering Date: January 1986. <br /> <br />Placen~nt Agent: Merrill Lynch, pierce, Fenner & Smith, Inc. <br /> <br />Principal Investment: To invest in two Local Limited Partnerships <br />which were organized to own, develop and operate CINNAMON RIDGE, a <br />264-unit luxury ~arden a~artrnent project 1n E~qan, Minnesota, and <br />SOUTHGATE CROSSING, a 215-un1t luxury gatde~ apdrtment project 1n <br />Columbia, Maryland. <br /> <br />Construction and perrnanrnt Financina: Cinnamon Ridge - Provided <br />through a Loan 1n the principal amount of $11,350,000 feom the sale <br />of tax-exempt re~enue bonds of the City of Eagan, Minnesot~. <br />Security for the Loan lnc1udes a 10-yaar Lett~r of Credit in the <br />amount of $11,500,000 issued by Mellon Bank, N.A., pittsburgh, <br />P~nnsylvania. <br /> <br />Southgate Cro,slng - Provided through & loan tn the a~ount of <br />$11,075,000 from the sale of ta~-exempt reverue bonds of Howard <br />County, Maryland. s~curity for the loan includes a 12-yaar Letter of <br />Cred1t 1n the amount of $11,250,000 issued by Loyola Fe~eral Savings <br />and Loan AosOclation, Balt1more, Maryland. <br /> <br />Can-American Realty Corporat1on 15 the Managing General Partner of <br />Shelter Realty Partners III. can-Amer1can Realty Corporation is the <br />General Partner of the C1nnamon Rldge Local Limited Partnership. <br />Can-AMerican Pealty Corporat1on, ~helter Dev~lopment Corporation and <br />Can-Investment Corporation of Maryland are the General Partners of <br />the Willow Ridge Local Limited partnership. <br />