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BRIEF-Preferred apartment communities announces refinancing of two multifamily communities
July 13, 2017 / 11:18 AM / a month ago

BRIEF-Preferred apartment communities announces refinancing of two multifamily communities

July 13 (Reuters) - Preferred Apartment Communities Inc

* Announces refinancing of two multifamily communities

* Refinanced stone creek utilizing a non-recourse first mortgage hud loan originated by pgim real estate finance

* Preferred apartment communities- pac refinanced Avalon Park utilizing non-recourse first mortgage loan from Freddie Mac originated by PGIM real estate finance

* Stone Creek loan package is about $20.6 million, bears interest at fixed rate of 3.47 pct per annum, matures in July of 2052

* Avalon park loan package is about $67.4 million, bears interest at fixed rate of 3.98 pct/annum, matures in July of 2024

* Stone Creek transaction allows PAC to pull out almost $3.0 million in additional loan proceeds

* Refinancing of loan at Avalon enables co to mitigate its interest rate risk, lock in stable, low fixed interest rate Source text for Eikon: Further company coverage:

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