ARLINGTON, Va., Aug. 16 /PRNewswire/ -- Charles E. Smith Residential
Realty, Inc. (NYSE: SRW), the nation's leading urban multifamily residential
REIT, announced today the pricing of approximately $61 million in debt
financing from Freddie Mac. The debt will have a fixed rate of 7.61 percent
and a 15-year term. Payments will be interest only for a minimum of 10 years.
Three of the Company's Washington, D.C. properties will serve as collateral
for the financing and proceeds will be used to pay down short-term debt.
Columbia National Real Estate Finance Inc., will be the loan originator and
servicer. The financing is expected to close within 45 days.
Charles E. Smith Residential Realty, Inc. is a self-managed real estate
investment trust listed on the New York Stock Exchange under the symbol "SRW."
The Company and its subsidiaries and affiliates own, acquire, develop, and
manage multifamily residential units in Washington, D.C., Northern Va.,
Chicago, Boston, and Southeast Fla. The Company owns or has an interest in
approximately 28,000 units and has approximately 2,200 units under
construction or subject to pre-purchase agreements. The total market
capitalization of the Company -- Charles E. Smith Residential Realty, Inc.,
including its Operating Partnership -- exceeds $2.9 billion.
Investor information, including press releases about Charles E. Smith
Residential Realty, is available on the Company's web site at
http://www.charlesesmith.com and also through PR Newswire's News on Call by fax at
800-758-5804, ext. 101271, or at http://www.prnewswire.com.
This news release contains forward-looking statements regarding the
Company's outlook, including statements of goals, intentions, and expectations
based on assumptions about general economic and market conditions, competitive
dynamics and other factors that, by their nature, are subject to significant
uncertainties, some of which are discussed in the Company's filings with the
Securities and Exchange Commission. Because of these uncertainties, and the
assumptions on which statements in this release are based, actual future
results may differ materially.
SOURCE Charles E. Smith Residential Realty, Inc.
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Related links:
http://www.charlesesmith.com
http://www.prnewswire.com
CONTACT:
investors, Chandler Spears, 703-769-1044, or
media, Susan Goyette, 703-769-6746, both of Charles E. Smith
Residential Realty, Inc.
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