RREEF obtains $25.5 million non-recourse loan

By Wendy Van Sickle

Columbus, Ohio, June 30 – RREEF Property Trust, Inc. indirect wholly owned subsidiary RPT Flats at Carrs Hill, LLC entered into an agreement providing for a $25.5 million non-recourse loan from Nationwide Life Insurance Co. on June 26, according to an 8-K filing with the Securities and Exchange Commission.

Interest is fixed at 5.51% with interest-only payments for the entire seven-year term. The maturity date is July 1, 2030 with no extension options.

Proceeds will be used to fully prepay and release the existing $14.5 million mortgage loan on RPT Flats at Carrs Hill with the remaining proceeds being used to pay down the outstanding balance on the company’s existing line of credit with Wells Fargo Bank.

RREEF is a continuously offered, non-traded, publicly registered real estate investment trust based in New York.

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