The deal was achieved with the assistance of GMAC Commercial Mortgage Corporation, and the funds will be utilized to refinance eight of United Dominion's existing secured loans. This news is followed by reports that the company has just recently sold 3 million shares of common stock for a net profit of approximately $42.3 million. These funds are set aside for the acquisition of more apartment properties, as well as the reduction of outstanding debts under the company's revolving credit facility
As reported in GlobeSt.com, United Dominion closed a $200 million credit facility from Fannie Mae DMBS through ARCS Commercial Mortgage for a ten-year term late last year. That facility was used to refinance debt on about 30 of the company's properties.
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