Steadfast Apartment REIT Inc., through indirect wholly owned subsidiaries of its operating partnership, refinanced three existing mortgage loans worth roughly $100.8 million under its Freddie Mac credit facility.
Each unit entered into a loan agreement that provides for a term loan with a maturity date of Dec. 1, 2024, secured by the relevant properties, that bears interest at the one-month London Interbank Offered Rate plus 1.94%. Monthly interest payments are due on the first day of each month, starting Jan. 1, 2018.
The proceeds of the loans were used to refinance existing debt on the properties, with roughly $93.8 million outstanding under the facility as of the closing date.
PNC Bank NA acted as the lender for the loans.
