AmREIT, Inc. (NYSE: AMRE), a Houston based real estate company that has elected to be taxed as a real estate investment trust, announced today the successful refinancing of the mortgage loan on its Uptown Plaza Dallas property through one of its wholly-owned subsidiaries.
The existing $10.4 million loan was refinanced with a $14 million, 10-year term loan at a fixed interest rate of 4.25% with a 30-year amortization. The loan was sourced by Holiday Fenoglio Fowler, L.P. and the lender is the Life Insurance Company of the Southwest, an affiliate of Sentinel Investments.
"Our philosophy is to match our long term assets with long term debt with fixed interest rates. We do not have any additional debt maturing between now and 2015, and we believe we are well positioned to execute upon our growth strategy," commented Chad C. Braun, Chief Operating Officer and Chief Financial Officer of AmREIT.
About AmREIT, Inc.
AmREIT, Inc., headquartered in Houston, is a full service, vertically integrated and self-administered real estate investment trust that owns, operates, acquires and selectively develops and redevelops primarily neighborhood and community shopping centers located in high-traffic, densely populated, affluent areas with significant barriers to entry. As of June 30, 2012, AmREIT's portfolio consisted of 29 retail properties that were 95.8% leased and are typically anchored by strong national and local retailers including supermarket chains, drug stores and other necessity-based retailers with the remaining tenant base comprised predominantly of specialty retailers and national and local restaurants. AmREIT’s core markets include affluent, high-growth submarkets in the top-growth cities of Houston, Dallas, San Antonio, Austin, and Atlanta. In addition, AmREIT manages and has varying minority ownership interests in eight advised funds, which owned, as of June 30, 2012, 18 properties.
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