AvalonBay Communities, Inc. Announces the Closing of a $741 Million Freddie Mac Facility (Business Wire)
Mon, 27 Apr 2009 20:27:00 Etc/GM
Under this facility, the Company borrowed $741,140,000 pursuant to fourteen separate mortgage loans, each secured by one of the Company’s current communities. Interest will be fixed at 5.86% per annum for ten years. Each of the loans will provide for payments of interest only during the first and second years of the loan term, with payments of principal and interest (based on a 30 year amortization schedule) thereafter and the remaining principal amount and any unpaid interest due at maturity on the tenth anniversary. The other terms of the facility were previously summarized in the Company’s press release on April 14, 2009.
About AvalonBay Communities, Inc.
As of March 31, 2009, the Company owned or held a direct or indirect ownership interest in 173 apartment communities containing 50,291 apartment homes in ten states and the District of Columbia, of which 12 communities were under construction and seven communities were under reconstruction. AvalonBay is in the business of developing, redeveloping, acquiring, and managing apartment communities in high barrier-to-entry markets of the United States. More information on AvalonBay, an S&P 500 company, may be found on the Company’s Web site at http://www.avalonbay.com.
Copyright © 2009 AvalonBay Communities, Inc. All Rights Reserved
Contact:
AvalonBay Communities, Inc. John Christie Senior Director Investor Relations & Research 703-317-4747
source: http://biz.yahoo.com/bw/090427/20090427006326.html?.v=1