Source: Trade Street Residential / #Multifamily #Finance
CHARLESTON, SC - 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 the Company, through a subsidiary, has closed on a 10-year $19.0 million first mortgage loan secured by St. James at Goose Creek, a 244-unit apartment community located in Charleston, South Carolina.
The commitment for this financing had been previously announced, and the mortgage loan was closed on June 20, 2013.
The loan matures on July 1, 2023, and has a fixed interest rate of 3.75% per annum with two years of interest-only payments followed by principal and interest payments based on a 30-year amortization schedule. Management expects that proceeds from this financing transaction will be used for potential acquisitions and general corporate purposes.
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.