GlobeSt.com has confirmed through Deutsche Bank BerkshireMortgage that the prized asset was unencumbered and representedPost's first loan from Freddie Mac. Because it was a first withFreddie, the bank's spokesman says it took awhile to negotiate.Deutsche Bank's mortgage banker wasn't available for an interviewabout the Post deal, which apparently was inked awhile ago and keptas low profile as possible. Situated at 5009 Addison Circle, PostAddison Circle contains 1,334 apartments, 41,000 sf of office,108,725 sf of retail and a 234-unit self-storage facility.According to Post's SEC filings, the apartments' economic occupancyis 94.6%.
In setting up the loan, Post created a special-purpose entity,Post Addison Circle LP, and transferred the deeds at the end ofJanuary, based on information from Dallas Central AppraisalDistrict. The county has a $125.29-million assessment leviedagainst the high-profile development.
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