VANCOUVER, Sept. 9, 2015 /CNW/ - Pure Multi-Family REIT LP ("Pure Multi") (TSXV: RUF.U, RUF.UN; RUF.DB.U; OTCQX: PMULF) announced today that it has completed the refinancing of Prairie Creek Villas ("Prairie Creek"), located in Richardson, Texas. The new US$46.5 million mortgage has a term of 15-years and bears a fixed interest rate of 4.07%. This financing replaces the current US$31.4 million, 6.02% fixed interest rate mortgage assumed as part of the acquisition of the property in October of 2012, which was set to mature in March of 2019. Pure Multi intends to use the net proceeds from this refinancing to fund future acquisitions and for general corporate purposes.
Stephen Evans, CEO stated, "We are very happy to capitalize on the current low interest rate environment. This pro-active refinancing serves to stabilize Pure Multi's mortgage pool, by significantly reducing the weighted average interest rate, extending the average mortgage term to maturity, and to provide excess capital to help grow the business. Looking ahead, we will continue to prudently manage our balance sheet while pursuing strategic growth of our portfolio with the objective of enhancing unitholder value."
About Pure Multi-Family REIT LP
Pure Multi is a Canadian based, publicly traded vehicle which offers investors exclusive exposure to attractive, institutional quality U.S. multi-family real estate assets.
Certain statements contained in this news release may constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "plan", "expect", "may", "will", "intend", "should", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward looking statements in this news release include: (i) Pure Multi intends to use the net proceeds from this refinancing to fund future acquisitions and for general corporate purposes; and (ii) looking ahead, we will continue to prudently manage our balance sheet while pursing strategic growth of our portfolio with the objective of enhancing unitholder value.
The forward-looking statements contained in this news release are based on certain key expectations and assumptions made by Pure Multi. Although Pure Multi believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Pure Multi can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to identify, negotiate the purchase of and acquire quality assets, competitive factors in the industries in which Pure Multi operates, prevailing economic conditions, and other factors, many of which are beyond the control of Pure Multi.
The forward-looking statements contained in this news release represent Pure Multi's expectations as of the date hereof, and are subject to change after such date. Pure Multi disclaims any intention or obligation to update or revise any forward-looking statements whether as a result.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Pure Multi-Family REIT LP
For further information: Andrew Greig, Director of Investor Relations, Pure Multi-Family REIT LP, Suite 910, 925 West Georgia Street, Vancouver, BC V6C 3L2, Phone: (604) 681-5959 or (888) 681-5959, E-mail: [email protected]