10/04/2024 | Press release | Distributed by Public on 10/04/2024 04:31
Item1.01.
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Entry into a Material Definitive Agreement.
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Operating Properties
|
Type
|
Term
(months) |
Outstanding
Principal (1) |
InterestRate(2)
|
Maturity Date
|
|||||
The Venue on Camelback
|
Floating
|
84
|
36,465
|
6.25%
|
9/30/2031
|
|||||
Sabal Palm at Lake Buena Vista
|
Floating
|
84
|
56,220
|
6.25%
|
9/30/2031
|
|||||
Cornerstone
|
Floating
|
84
|
45,815
|
6.25%
|
9/30/2031
|
|||||
Versailles II
|
Floating
|
84
|
15,706
|
6.25%
|
9/30/2031
|
|||||
Brandywine I & II
|
Floating
|
84
|
59,526
|
6.25%
|
9/30/2031
|
|||||
Bella Vista
|
Floating
|
84
|
37,400
|
6.25%
|
9/30/2031
|
|||||
The Enclave
|
Floating
|
84
|
33,440
|
6.25%
|
9/30/2031
|
|||||
The Heritage
|
Floating
|
84
|
29,810
|
6.25%
|
9/30/2031
|
|||||
Summers Landing
|
Floating
|
84
|
14,135
|
6.25%
|
9/30/2031
|
|||||
Residences at Glenview Reserve
|
Floating
|
84
|
33,271
|
6.25%
|
9/30/2031
|
|||||
Avant at Pembroke Pines
|
Floating
|
84
|
248,185
|
6.25%
|
9/30/2031
|
|||||
Arbors of Brentwood
|
Floating
|
84
|
39,977
|
6.25%
|
9/30/2031
|
|||||
The Verandas at Lake Norman
|
Floating
|
84
|
30,113
|
6.25%
|
9/30/2031
|
|||||
Six Forks Station
|
Floating
|
84
|
30,430
|
6.25%
|
9/30/2031
|
|||||
High House at Cary
|
Floating
|
84
|
32,478
|
6.25%
|
9/30/2031
|
|||||
The Adair
|
Floating
|
84
|
33,229
|
6.25%
|
9/30/2031
|
|||||
Estates on Maryland
|
Floating
|
84
|
37,345
|
6.25%
|
9/30/2031
|
|||||
$ 813,545
|
(1) Mortgage debt that is non-recourse to the Company and encumbers the multifamily properties.
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(2) Interest rate is based on a reference rate (30-Day Average SOFR) plus an applicable margin (109 basis points), for each new mortgage loan origination. The term for each new loan is 84 months with interest only due for the full term. As a requirement for financing, each loan has an interest rate cap with a maximum strike ranging from 8.16% to 8.91%. 30-Day Average SOFR was 5.16% as of October 1, 2024.
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