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Roberts Closes Strategic Loan with Freddie Mac

ATLANTA-The locally based REIT nets $2.1 million in cash after increasing an $8.5 million refinancing loan at 7.15% interest on its River Oaks apartment community to $10.75 million at 5.54% interest.

By Alex Finkelstein | Updated on August 25, 2003

ATLANTA-Charles S. Roberts, CEO of locally based Roberts Realty Investors Inc., made $2.1 million for his company with the stroke of a computer key.

He refinanced his firm’s River Oaks apartment community with Freddie Mac for $10.75 million at 5.54% interest. The original loan of $8.5 million carried a 7.15% interest rate.

“The new loan includes an excellent fixed interest rate of 5.54% per annum and a term of 10 years,” Roberts says. The new loan “will improve our return on invested equity in River Oaks and, equally important, decrease the monthly mortgage payment, even though the amount of the loan increased.”

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