The loans were used to pay down general corporate debt and are secured by Mackland Pointe in Atlanta; Heritage Walk in Milledgeville, GA; and Pine Ridge Square in Fort Lauderdale, FL.
IRT officials say the completion of the financings and a $50 million senior note offering earlier this month are significant.
"With over 65% of our asset base unencumbered and with no loan maturities until 2003, we have maintained a conservative capital structure and enhanced our ability to continue to pursue our development program and one-off acquisitions," James G. Levy, IRT executive vice president and CFO, says in the statement
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