Independence Realty Trust Closes $15.3 Million First Mortgage Loan On Jackson, Mississippi Apartment Property

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.

Scott Schaeffer, IRT’s Chairman and CEO, said, “We continue to execute on our strategy of acquiring stable apartment properties in supply constrained, secondary and tertiary markets and financing them on favorable terms at historically low rates.”

About Independence Realty Trust, Inc.

Independence Realty Trust, Inc. (NYSE MKT: IRT) is a real estate investment trust that seeks to own well-located apartment properties in geographic submarkets that it believes support strong occupancy and the potential for growth in rental rates. IRT seeks to provide stockholders with attractive risk-adjusted returns, with an emphasis on distributions and capital appreciation. IRT is externally advised by a wholly-owned subsidiary of RAIT Financial Trust (NYSE: RAS).

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