BNP Residential Properties Announces the Acquisition of Alta Harbour Apartments.Business Editors CHARLOTTE, N.C.--(BUSINESS WIRE)--Sept. 19, 2002 BNP BNP B-type natriuretic peptide, brain natriuretic peptide Physiology A 32-residue peptide hormone produced predominantly in the ventricles, secreted in response to fluid overload–eg, CHF. See Atrial natriuretic peptide. Residential Properties, Inc. (AMEX AMEX See: American Stock Exchange : BNP) today announced the acquisition of Alta Harbour Apartments in Cornelius, North Carolina Cornelius is a town in Mecklenburg County, North Carolina, United States. The population was 11,969 at the 2000 census. Geography Cornelius is located at (35.478954, -80.884532)GR1. , for a contract purchase price of $19.3 million. The property contains 290 one, two and three bedroom apartment homes. The 33.6-acre site features approximately 1,900 feet of shoreline on Lake Norman, North Carolina's largest lake. In addition to the standard amenities of a swimming pool, lighted tennis court and exercise facility, the property includes a 50 boat-slip marina, 60 garages, 32 mini-storage units, and a boat storage yard. The property is approximately 16 miles north of downtown Charlotte via Interstate 77. The Company also announced the placement of 227,272 shares of the Company's Series B Cumulative Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". at a price of $11 per share. This completes the second installment of the previously announced private placement of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. to Preferred Investment I, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . Along with the placement of the preferred stock, the acquisition was funded by the placement of a $15.9 million first deed of trust A document that embodies the agreement between a lender and a borrower to transfer an interest in the borrower's land to a neutral third party, a trustee, to secure the payment of a debt by the borrower. loan and a draw on the Company's existing line of credit. Company Overview: BNP Residential Properties, Inc. is a real estate investment trust focused on owning and operating apartment communities. Following the acquisition announced today, BNP now owns and operates eighteen apartment communities containing a total of 4,427 apartments and provides third-party management services for fifteen apartment communities containing a total of 3,166 apartments. In addition to the apartment properties, the Company owns 42 restaurant properties that are leased on a triple-net basis to a restaurant operator. The Company currently operates in the states of North Carolina, South Carolina and Virginia. BNP Residential Properties, Inc. is structured as an UPREIT or umbrella partnership real estate investment trust. The Company is the sole general partner and owns a controlling interest in BNP Residential Properties Limited Partnership, the operating partnership. All of the Company's operations are conducted through the operating partnership. |
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