Roberts Realty Investors, Inc. Reduces Debt and Refinances Loan
09 Aprile 2009 - 3:00PM
PR Newswire (US)
ATLANTA, April 9 /PRNewswire-FirstCall/ -- Roberts Realty
Investors, Inc. (NYSE Alternext US: RPI) announces that it has
reduced its debt by $577,000 through refinancing its $4,077,000
Wachovia Bank land loan. To pay off the Wachovia loan, the company
used the proceeds of a new $3,500,000 loan from Touchmark National
Bank along with $577,000 of its available cash. The loan is secured
by the company's 38-acre Highway 20 land in Cumming, Georgia and is
scheduled to mature on October 8, 2010. Mr. Charles S. Roberts,
President, stated: "We are pleased to be able to refinance this
land loan for 18 months, especially during these difficult economic
times. The terms of the loan are consistent with our financial
strategy to deleverage our balance sheet and extend our debt
maturities well into 2010. In addition, this has provided us with
the opportunity to start a new relationship with Touchmark National
Bank." About Roberts Realty Investors, Inc. Roberts Realty
Investors, Inc. is a self-administered, self-managed equity real
estate investment trust based in Atlanta. DATASOURCE: Roberts
Realty Investors, Inc. CONTACT: Charles S. Roberts, President,
Roberts Realty Investors, Inc., +1-770-394-6000, Fax,
+1-770-551-5914
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