Campus Crest Communities, Inc. (NYSE:CCG) (the “Company”) today announced it has completed Freddie Mac financings on The Grove at Clarksville, Tennessee and The Grove at Columbia, Missouri for total proceeds of $40.1 million. The proceeds from the financings were used to reduce outstanding balances under the Company’s revolving credit facility.
Both properties were developed by the Company and opened in August 2011. The construction debt on the properties was previously paid off in conjunction with the Company’s preferred equity offering in February 2012.
This transaction represents the second series of permanent financings the Company has completed with Freddie Mac, having closed financings on three unencumbered assets for total proceeds of $48.5 million in the third quarter of 2011. The table below sets forth more information about the financings and the properties encumbered in the transaction:
|Property Information||Loan Information|
|The Grove at Clarksville||Austin Peay State University||560||$16.350||4.03%||10||2|
|The Grove at Columbia||University of Missouri||632||$23.775||3.83%||10||NA|
“Freddie Mac has once again been a great partner and advocate for the underlying value of our properties,” said Donnie Bobbitt, the Company’s Chief Financial Officer. “With our second series of Freddie Mac financings, we have taken advantage of historically low long-term rates. Additionally, as a result of the financings and recently closed common equity offering, the Company has enhanced its liquidity position and secured capital for future growth. Given the uncertain macroeconomic backdrop, we believe both transactions were proactive measures that improved the strength of the balance sheet.”
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