BNP Residential Properties Announces the Acquisition of The Place Apartments.Business Editors/Real Estate Writers CHARLOTTE, N.C.--(BUSINESS WIRE)--March 13, 2003 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 The Place Apartments in Greenville, South Carolina
Greenville is a mid-sized city located in the upstate of South Carolina. It is the county seat of Greenville CountyGR6 , for a contract purchase price of $5.6 million. The 10.25-acre property contains 144 one and two bedroom apartment homes. The property also includes a swimming pool and tennis court. The acquisition was funded by the placement of a $4.56 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 from Lend Lease Mortgage Capital, L.P. at 5.06% for a ten-year term. The remainder was funded by 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 19 apartment communities containing a total of 4,571 apartments and provides third-party management services for 12 apartment communities containing a total of 2,727 apartments. In addition to the apartment properties, the Company owns 41 restaurant properties that are leased on a triple-net basis to a restaurant operator. The Company currently operates in the states of North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. 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 controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in BNP Residential Properties Limited Partnership, the operating partnership. All of the Company's operations are conducted through the operating partnership. More information may be obtained by calling the company's Corporate Offices at (704) 944-0100 or on the Internet through the company website at www.bnproperties.com. Information requests may be e-mailed to the investor relations department at investor.relations@bnproperties.com. |
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