Camden Property Trust closed its offering of $400 million of its 4.100% senior notes due Oct. 15, 2028, for net proceeds of about $396.1 million.

After entering into interest rate swap agreements on the $400 million notional amount of the notes and deducting other expenses, the notes' effective interest rate will be about 3.74% per year.

The multifamily real estate investment trust intends to use the proceeds from the offering to repay about $380 million of outstanding secured debt and for general corporate purposes.

Deutsche Bank Securities Inc., Jefferies LLC, J.P. Morgan Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc. and Wells Fargo Securities LLC acted as representatives of the underwriters.