X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Locally based Post Properties Inc. has secured more than $200 million in Freddie Mac financing with Deutsche Bank Berkshire Mortgage Inc. for five existing apartment complexes. The 10-year loans carry 6% fixed interest.

The new round of financing is secured by mortgages on Post Briarcliff, Post Crossing and Post Glen, all in Atlanta; Post Hyde Park in Tampa, FL; and Post Corners in Fairfax County, VA. The loans require interest-only payments through the first two years, followed by principal plus interest for the remainder of the term, based on a 30-year amortization schedule.

“This latest financing is part of our strategy to manage the balance sheet to stay in front of short-term liquidity requirements,” Post CFO Christopher Papa stated in a release. Those requirements include scheduled debt maturities and remaining development spending, he said.

Late last year, Post repaid $39.2 million in secured debt scheduled to mature in March of this year, using available cash from its October 2008 Freddie Mac financing. The company expects to use the net proceeds from its most recent financing to pay off the outstanding balance of its $600-million unsecured revolving credit line and expects to use any remaining net proceeds to fund current development projects.

Also in December, Post sold its 206-unit Post Lenox Park property for $22.7 million to an ownership group sponsored by Steven D. Bell & Co. A $12-million gain was expected from the transaction.

Post owns 58 apartment communities with more than 21,000 units. It is also developing three complexes with 361 for-sale condominiums, and is converting 349 apartments to condos in two other properties.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.