Post Properties Completes the Refinancing of its 2009 Scheduled Debt Maturities
27 Marzo 2009 - 9:09PM
Business Wire
Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate
investment trust, today announced the closing of a mortgage loan
with PNC ARCS, LLC, pursuant to the Federal Home Loan Mortgage
Corporation (Freddie Mac) loan program, secured by a mortgage on
its Post Luminaria� community located in New York City. Post
Luminaria� is held in a joint venture entity in which the Company
holds a 68% interest. The mortgage loan has a principal amount of
$34.8 million, requires fixed interest-only payments for the first
two years and then principal and interest payments for the
remaining term of the loan based on a 30-year amortization
schedule. The loan bears interest at a fixed rate of 5.61% and
matures in ten years on April 1, 2019. Proceeds from the financing
were used to repay in full an existing loan secured by a mortgage
on the same property.
Earlier in March, the Company also redeemed in full its
approximately $92.3 million of weekly remarketed variable rate
taxable mortgage bonds and settled a related interest rate swap
agreement, using available cash equivalents and proceeds drawn on
its lines of credit.
Said Christopher Papa, Post�s EVP and CFO, �Through the
transactions announced today, we have completed the refinancing of
all our scheduled 2009 debt maturities, taking advantage of
attractively priced agency debt capital.�
About Post Properties
Post Properties, founded more than 37 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 21,189 apartment homes in 58 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 361 for-sale condominium
homes in three communities (including 129 units in one community
held in an unconsolidated entity) 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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