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Colonial Properties Trust got a much needed credit infusion from Fannie Mae. According to the Associated Press:
The facility has a 10-year term with an average fixed interest rate of 6.04 percent. It's secured by 19 multifamily properties. Proceeds will repay all but about $35 million of the outstanding balance on the company's $675 million unsecured line of credit. The facility will provide additional liquidity to address the debt maturities through 2010.
Thanks to Don Wood for the tip from Forbes.
If you want to hear some great stuff about resident retention from Doug Miller at SatisFacts Research, he is live on the radio right now! Check him out here: http://www.incomepropertyinvestmenttalk.com/radio.htm (This was a live program, which is now over).
[Note: As usual, Doug did a brilliant job at discussing resident retention, and if you missed it, you can still listen to the podcast.]