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Press Release For Immediate Release February 16, 2007 Contact: Susan Uzzan NAMAD and AutoStar Announce Partnership In an effort to provide more entrepreneurial opportunities for minority automobile dealers, National Association of Minority Automobile Dealers (NAMAD) has launched a new partnership with AutoStar, an automobile dealership financing subsidiary of iStar Financial (NYSE:SFI), one of the largest diversified financial companies in the United States, with assets in excess of $10 billion. The partnership was announced last week at the National Automobile Dealers Association (NADA) Annual Convention in Las Vegas, NV. New NAMAD President, Damon Lester, and AutoStar President, Vernon Schwartz, introduced the partnership to the organizations members during NAMAD’s Annual Issues Forum sponsored by Nissan North America at the Venetian Hotel. They outlined the partnership in which among other things, AutoStar will offer preferential terms to NAMAD members. The NAMAD/AutoStar partnership will provide investment and financing to minority automotive dealers and dealer candidates for development, expansion and acquisition of automotive dealerships. The long term capital may take the form of (i) mortgage financing and/or financing based on franchise value or (ii) sale and leaseback financing whereby AutoStar will acquire the dealership real estate and lease it back on a long term basis. AutoStar will assist all dealers particularly buyout candidates to secure financing as well as secure funding for expansion and development opportunities. This partnership builds on NAMAD’s joint venture with Wachovia which has provided $309 million in financing to NAMAD members since its announcement in 2005. By having a choice of working with two financial institutions experienced in dealer financing, NAMAD members now have an increased opportunity of arranging appropriate loans for their dealerships. About AutoStar AutoStar is a subsidiary of iStar Financial Inc., a leading publicly traded finance company focused on the commercial real estate industry. The Company primarily provides custom-tailored financing to high-end private and corporate owners of real estate, including senior and mezzanine real estate debt, senior and mezzanine corporate capital, corporate net lease financing and equity. The Company, which is taxed as a real estate investment trust ("REIT"), seeks to deliver strong dividends and superior risk-adjusted returns on equity to shareholders by providing innovative and value added financing solutions to its customers. Additional information on iStar Financial is available on the Company's website at http://www.istarfinancial.com. |
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NATIONAL ASSOCIATION OF MINORITY AUTO DEALERS | 8201 Corporate Drive, Suite 190 | Lanham, MD 20785 | Phone 301-306-1614 | Fax 301-306-1493 |
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