Trade Street Residential Closes on $25.8 Million Mortgage Loan

- Refinances Previous Loan and Lowers Expected Annual Interest Expense by $526,000 -

Jun 06, 2013, 16:05 ET from Trade Street Residential, Inc.

AVENTURA, Fla., June 6, 2013 /PRNewswire/ -- Trade Street Residential, Inc. (the "Company"), a fully integrated owner and operator of high-quality apartment communities in targeted growth markets in the southeastern United States, including Texas, today announced that on May 31st, 2013, the Company, through a subsidiary, closed on a 12-year $25.8 million first mortgage loan secured by Pointe at Canyon Ridge, a 494-unit apartment community located in Sandy Springs, Georgia.

The loan matures on June 1, 2025 and bears interest at a fixed rate of 4.1% per annum with two years of interest-only payments followed by principal and interest payments based on a 30-year amortization schedule thereafter. Proceeds from the loan were used to refinance a $26.4 million 6.0% first mortgage loan secured by the same property, which matured on May 31, 2013. The Company expects this transaction to reduce annual interest expense by approximately $526,000.

About Trade Street Residential, Inc.
Trade Street Residential, Inc. (TSRE) is a full service, vertically integrated, self-administered and self-managed real estate investment trust focused on acquiring, owning, operating and managing conveniently located, garden-style and mid-rise apartment communities in mid-sized cities and suburban submarkets of larger cities primarily in the southeastern United States, including Texas. 

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SOURCE Trade Street Residential, Inc.