ST. CHARLES, Md., Jan. 28 /PRNewswire-FirstCall/—American Community Properties Trust (NYSE Alternext US:APO) announced today that it has secured financing that will enable the Company to begin construction of Gleneagles Apartments, a new 184-unit rental property in the planned community of St. Charles.
Steve Griessel, Chief Executive Officer, said that Gleneagles Apartments will consist of eight buildings on an 11-acre site and will include 1, 2 and 3-bedroom units ranging in size from 900 to 1,830 square feet. The $25,045,200 loan, which was secured from Capmark Finance, Inc. and insured by the United States Department of Housing and Urban Development (HUD) under the 221 (d) multifamily program, is a 40-year non-recourse permanent mortgage with an interest rate of 6.9%.
Harkins Builders, Inc. is the general contractor for the project. ACPT projects that construction of the eight buildings will be completed over the next fourteen months, and expects the first building to be available for occupancy in the fourth quarter of 2009. A notice to proceed has been issued, and construction is expected to begin within the next two weeks.
"Gleneagles Apartments will be the first community in Gleneagles neighborhood, the third and final neighborhood of St. Charles' Fairway Village," said Mr. Griessel. "This project will help diversify our rental housing portfolio in St. Charles, and is part of many exciting projects we have planned for this neighborhood."
The Company expects to build on the success of its most recent apartment property, Sheffield Greens, which opened in 2006 and has one of the highest average rates of occupancy—96%—of the Company's St. Charles-based properties. The Gleneagles project will include apartments similar in quality and style to Sheffield Greens. With more than 2,000 apartments already in St. Charles, ACPT is the leading provider of rental housing in Charles County.
ACPT (NYSE Alternext US:APO) a diversified real estate organization with operations in Maryland and Puerto Rico, is currently listed on the NYSE Alternext Exchange under the symbol AmCmntyProp (APO).
For more information about ACPT, visit www.acptrust.com. For more information about the planned community of St. Charles, visit www.stcharlesmd.com.
Source: American Community Properties Trust