ACPT Gets $8.4 M Mortgage for Puerto Rico Property

ST. CHARLES, MD-Local diversified real estate concern American Community Properties Trust has wrapped up an $8.4-million refinancing package for a 304-unit multi-family property in San Juan, Puerto Rico. The property owner is Monserrate Associates Ltd. Partnership, a general partner of ACPT subsidiary Interstate General Properties.

“ACPT continues to look for opportunities to capitalize on favorable market conditions to benefit our partners and our investors, and further our long-term business strategy,” says company president and COO Edwin L. Kelly. “This transaction accomplishes both, and we will continue to identify and take advantage of such opportunities as they become available. Also, the payment of recourse bank debt is consistent with the business plan and strategy set forth by the ACPT Board of Trustees.” The partners involved leave the deal with $7 million in cash distributions. For ACPT, the resulting funds will be directed toward the payment of a $2.5-million bank debt.