Post Takes Out $17M Loan on Apt. Asset

ATLANTA-In a move to raise capital, locally based Post Properties Inc. has taken out a five-year, $17 million loan on Post Peachtree Apartments in Atlanta and sold two Austin, TX properties for $34 million, the last of its Austin assets.

Post’s five-year-loan with an undisclosed lender carries a 4.28% annual interest rate and matures March 10, 2008. The apartment complex is owned by Post Peachtree LLC which is a joint venture between an undisclosed institutional investor and Post Apartment Homes LP.

In Texas, Post sold the two-year-old, 239-unit Post West Avenue Lofts to Gables Residential of Boca Raton, FL. The property has 7,400 sf of street-level retail.