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Post Properties Completes Refinancing of 2009 Scheduled Debt Maturities
Digested From "Post Properties Completes the Refinancing of Its 2009 Scheduled Debt Maturities"
Business Wire (03/27/09)

Post Properties Inc. has announced the closing of a mortgage loan with PNC ARCS, LLC, pursuant to the Freddie Mac loan program. The mortgage loan, which has a principal amount of $34.8 million, was secured by a mortgage on its Post Luminaria apartment community in New York City. It requires fixed interest-only payments for the first two years and then principal and interest payments for the remaining term of the loan. The loan matures on April 1, 2019. Separately, the Atlanta-based apartment REIT redeemed in full its approximately $92.3 million of weekly remarketed variable rate taxable mortgage bonds. In addition, it settled a related interest rate swap agreement earlier in March. Post Properties CFO Christopher Papa states, "Through the transactions announced today, we have completed the refinancing of all our scheduled 2009 debt maturities, taking advantage of attractively priced agency debt capital." Post Properties owns 21,189 rental units in 58 apartment communities.
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