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 mat
ure in six years on November 1, 2014.
ure 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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