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Post Properties Asset Backs $120M Loan

ADDISON, TX-It took awhile, but all details finally emerge for Post's recapitalization move. A mixed-use gem in North Dallas collateralizes Post's first loan from Freddie Mac.

By Connie Gore | Updated on April 07, 2008

[IMGCAP(1)]ADDISON, TX-In the midst of shopping for a merger partner, Post Properties Inc. has latched onto $120 million of fresh capital in a loan from Freddie Mac. The collateral was Post Addison Circle, one of North Dallas’ most prominent mixed-use drawing cards.

GlobeSt.com has confirmed through Deutsche Bank Berkshire Mortgage that the prized asset was unencumbered and represented Post’s first loan from Freddie Mac. Because it was a first with Freddie, the bank’s spokesman says it took awhile to negotiate. Deutsche Bank’s mortgage banker wasn’t available for an interview about the Post deal, which apparently was inked awhile ago and kept as low profile as possible. Situated at 5009 Addison Circle, Post Addison Circle contains 1,334 apartments, 41,000 sf of office, 108,725 sf of retail and a 234-unit self-storage facility. According to Post’s SEC filings, the apartments’ economic occupancy is 94.6%.

In setting up the loan, Post created a special-purpose entity, Post Addison Circle LP, and transferred the deeds at the end of January, based on information from Dallas Central Appraisal District. The county has a $125.29-million assessment levied against the high-profile development.

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