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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.

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