Source: Trade Street Residential / #Apartments #Multifamily
AVENTURA, FL - Trade Street Residential, Inc., a fully integrated owner and operator of high-quality apartment communities in targeted growth markets in the southeastern United States, including Texas, announced that on May 31st, 2013, the Company, through a subsidiary, closed on a 12-year $25.8 million first mortgage loan secured by Pointe at Canyon Ridge, a 494-unit apartment community located in Sandy Springs, Georgia.
The loan matures on June 1, 2025 and bears interest at a fixed rate of 4.1% per annum with two years of interest-only payments followed by principal and interest payments based on a 30-year amortization schedule thereafter. Proceeds from the loan were used to refinance a $26.4 million 6.0% first mortgage loan secured by the same property, which matured on May 31, 2013. The Company expects this transaction to reduce annual interest expense by approximately $526,000.
Trade Street Residential, Inc. (TSRE) is a full service, vertically integrated, self-administered and self-managed real estate investment trust focused on acquiring, owning, operating and managing conveniently located, garden-style and mid-rise apartment communities in mid-sized cities and suburban submarkets of larger cities primarily in the southeastern United States, including Texas.