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Tuesday, 27 August 2019

Inland Residential Sells Final Property for $40.5Mln; Retires $21.9Mln Freddie Loan

 

Inland Residential Properties Trust Inc., which adopted a liquidation plan last year, has sold its last property. The Oak Brook, Ill., non-traded REIT sold the 332-unit Verandas at Mitylene in Montgomery, Ala., for $40.5 million to B&M Management Co.

Commercial Real Estate Direct Staff Report

Inland Residential Properties Trust Inc., which adopted a liquidation plan last year, has sold its last property.

The Oak Brook, Ill., non-traded REIT, sponsored by Inland Real Estate Investment Corp., sold the 332-unit Verandas at Mitylene in Montgomery, Ala., for $40.5 million, or $121,988/unit, to B&M Management Co., a Montgomery real estate investment manager. Inland Residential had purchased the property two years ago for $36.6 million.

The sale, brokered by Berkadia, allowed Inland to retire a $21.9 million Freddie Mac loan that was securitized through FREMF, 2017-K69. The loan paid a 3.88 percent coupon and was set to mature in August 2027. It was locked out of prepayment until May 2027, so Inland...


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