AVALONBAY COMMUNITIES, INC. (NYSE: AVB) announced today that the
Company closed a $741 million loan with Deutsche Bank Berkshire
Mortgage, Inc. on behalf of Freddie Mac (NYSE: FRE). The loan commitment
was previously announced in the Company’s press release on April 14,
2009.
Under this facility, the Company borrowed $741,140,000 pursuant to
fourteen separate mortgage loans, each secured by one of the Company’s
current communities. Interest will be fixed at 5.86% per annum for ten
years. Each of the loans will provide for payments of interest only
during the first and second years of the loan term, with payments of
principal and interest (based on a 30 year amortization schedule)
thereafter and the remaining principal amount and any unpaid interest
due at maturity on the tenth anniversary. The other terms of the
facility were previously summarized in the Company’s press release on
April 14, 2009.
About AvalonBay Communities, Inc.
As of March 31, 2009, the Company owned or held a direct or indirect
ownership interest in 173 apartment communities containing 50,291
apartment homes in ten states and the District of Columbia, of which 12
communities were under construction and seven communities were under
reconstruction. AvalonBay is in the business of developing,
redeveloping, acquiring, and managing apartment communities in high
barrier-to-entry markets of the United States. More information on
AvalonBay, an S&P 500 company, may be found on the Company’s Web site at http://www.avalonbay.com.
Copyright © 2009 AvalonBay Communities, Inc. All Rights Reserved
AvalonBay Communities, Inc.
John Christie
Senior Director
Investor
Relations & Research
703-317-4747
