Meanwhile, AMLI Residential Properties Trust got another $20 million from Prudential Insurance Co. of America, which holds the first mortgage on the 600-unit AMLI at Danada Farms in west suburban Wheaton. The REIT, which recently bought out its joint venture partner, pays interest only at 4.48% through March 2007, when the first mortgage also comes due.
The joint venture between the REIT and National Electrical Benefit Fund pays interest only for the first three years on the AMLI at Seven Bridges loan. However, the interest rate is 7.25% amortized over 30 years.
The deal was expected, as the joint venture had a forward commitment from Teachers Insurance and Annuity Association for the permanent financing.
Leasing of the multifamily development, part of the 405-acre Seven Bridges mixed-use, master-planned community, had passed the halfway point by the third quarter of 2003.
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