ATLANTA, GA, Mar. 28, 2009--(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 (top right photo) located in New York City.
Said Christopher Papa, (bottom left photo) 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.”
Contacts: Post Properties, Inc., Christopher Papa, 404-846-5000
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, (bottom left photo) 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.”Post Properties, founded more than 37 years ago, is one of the largest developers and operators of upscale multifamily communities in the United States.
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.
Contacts: Post Properties, Inc., Christopher Papa, 404-846-5000
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