Friday, October 3, 2008

Post Properties Announces Closing of $185M Secured Portfolio Financing

ATLANTA--(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.

The loans were secured by mortgages on the following six Post® communities: Post Parkside™(bottom left photo) and Post Spring™ located in Atlanta, GA, Post Legacy and Post Worthington™ (top right photo) 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



CONTACT: Post Properties Inc., Christopher Papa, 404-846-5028

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