Independence Realty Trust, Inc. (“IRT”) (NYSE MKT: IRT) today announced that its subsidiary recently closed on a $15.3 million non-recourse first mortgage loan on The Crossings, a 432-unit garden-style property located in Jackson, Mississippi. IRT purchased the property in November 2013 for $23 million. Loan Highlights
- Outstanding Principal: $15.3 million.
- Interest Rate: Fixed at 3.88%.
- Amortization Type: Interest only payments due monthly for full term.
- Maturity Date: June 1, 2024.
- Property Appraised Value: $23.9 million.