Corporation History

July 19, 1950
The Alpha Epsilon Chapter of Alpha Kappa Psi Building Corporation is incorporated with the state of Georgia. View the Articles of Incorporation

October 8, 1951
Alpha Epsilon leased its first fraternity house. It was know as 'The Cobb House' and was leased under the name of George Surkane under the name of Alpha Kappa Psi with Emil S. Troelston as a witness. This is believed to be the oldest fraternity house at the University of Georgia. The 'Cobb House' was located at 320 S. Lumpkin. View the Lease Agreement Photo is from the AKPsi Diary, January, 1952

July 21, 1959	AKPsi House, circa 1965
The Building Corporation decides to sell the 'Cobb House' in favor of moving to a nicer location on 247 S. Milledge. The Purchase is made by John P. Gill with Emil S. Troelston as a witness. This house is now occupied by Sigma Pi. View the Deed	AKPsi House, circa 1965

November 19, 1969	AKPsi House, circa 1980
Combining the profits from the sale of 247 S. Milledge and a $40,000 donation from Emil S. Troelston, arrangements are made to purchase the 'Beta Delta' house from the UGA Chapter of Delta Tau Delta. A fifteen year, equal payment mortgage for $70,000 was taken to pay for the house. The first two years of the mortgage held an 8.5% interest rate with 10% interest in subsequent years. View the Deed

1971
Alpha Epsilon moves into the 'Beta Delta' house, which is now the largest AKPsi fraternity house that Alpha Epsilon has owned, and also the largest AKPsi house in the nation. It is currently located at 545 S. Milledge Avenue. View the Land Plot

August 5, 1987
The mortgage is refinanced with an Adjustable Rate Rider that began at 8% interest.

October 29, 1987
An additional $5,105 in equity is cashed out from the mortgage to make vital roof and pillar repairs and other house renovations.

1990
Alpha Kappa Psi Nationals makes a plan to level the house in five years and replace it with a dormitory style house, these plans thankfully dissipated.	AKPsi House, circa 2003

January 17, 1994
The mortgage is refinanced for a sum total of $70,810.11 to take advantage of lower interest rates.

Summer 2001
Due to several eminent structural concerns it was necessity for the Corporation to refinance the mortgage again to generate approximately $50,000 in cash funds for house construction projects, including a roof repair, gutter installation and deck replacement. The total mortgage amount was $102,000 for 15 years with a 5 year rollover balloon payment at an interest rate of 7.9%.

2002
Under new By-Laws the Alpha Epsilon Chapter of the Alpha Kappa Psi Building Corporation legally becomes a separate and self-relent entity from the Alpha Epsilon Chapter. View the AE Corporation By-Laws

Summer 2005
A Line of Credit is established for the Alpha Epsilon Corporation. The line of credit has a floating interest rate, which ranges from 6% to 8%, depending on the month. This loan was taken out in order to finance the Fire Supression System that was required to be installed in all Fraternity and Sorority houses according to an Athens-Clarke County Ordinance.

Summer 2006
The mortgage rollover balloon payment interest rate increases from 7.9% to 8%, with an approximate remaining balance of $80,000

Januray 2007
The Agressive Debt Reduction (ADR) plan is put into place, which calls for owenership of the house and having no more long term debt as early as December 2009.