Post also closed on $13.5-million of secured financing on the third phase of its Post Addison Circle multifamily community on the outskirts of Dallas. The loan is at par with a coupon of 6.29% and carries a 25-year amortization principal. The note will mature on Oct, 1, 2007.
The Addison, TX property is a 1,334-unit, multifamily planned community with rents ranging from $764 a month for a studio apartment to $1,700 a month for a two-bedroom, plus den, half-townhouse.
The proceeds from the two transactions are being used to repay outstanding debt under Post's credit facility, the company says in a prepared statement.
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