Post Properties Announces Closing of $185 million Secured Portfolio Financing
02 Ottobre 2008 - 11:42PM
Business Wire
Post Properties, Inc. (NYSE: PPS) announced today the closing of
six, cross-collateralized mortgage loans with Wachovia Multifamily
Capital, Inc., pursuant to the Federal Home Loan Mortgage
Corporation (Freddie Mac) loan program, secured by mortgages on the
following six Post� communities: Post Parkside� and Post Spring�
located in Atlanta, GA, Post Legacy and Post Worthington� located
in Dallas, TX, and Post Ballantyne and Post Gateway Place� located
in Charlotte, NC. The mortgage loans have an aggregate principal
amount of approximately $184.7 million, require fixed interest-only
payments at 6.09% and mature in six years on November 1, 2014. The
mortgage loans are also pre-payable without penalty beginning after
October 2012. Post expects to use $100 million of the net proceeds
from these secured financings to fully pay down the current
outstanding balance on its $600 million unsecured revolving line of
credit and expects to use the remaining net proceeds for general
corporate purposes. About Post Properties Post Properties, founded
more than 36 years ago, is one of the largest developers and
operators of upscale multifamily communities in the United States.
The Company�s mission is delivering superior satisfaction and value
to its residents, associates, and investors, with a vision of being
the first choice in quality multifamily living. Operating as a real
estate investment trust (�REIT�), the Company focuses on developing
and managing Post� branded resort-style garden and high density
urban apartments. In addition, the Company develops high-quality
condominiums and converts existing apartments to for-sale
multifamily communities. Post Properties is headquartered in
Atlanta, Georgia, and has operations in ten markets across the
country. Post Properties owns 21,890 apartment homes in 60
communities, including 1,747 apartment units in five communities
held in unconsolidated entities and 1,736 apartment units in five
communities currently under construction and/or in lease-up. The
Company is also developing and selling 514 for-sale condominium
homes in four communities and is converting apartment units in two
communities initially consisting of 349 units into for-sale
condominium homes through a taxable REIT subsidiary.
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