Apartment Investment and Management Company (“Aimco“) announced today the collection of property loans totaling $218.8 million due from the owner of, and secured by, 84 buildings located in West Harlem, NY. In connection with such repayment, Aimco was also paid as agreed $11.0 million for its unexercised option to acquire the properties. Please refer to Aimco’s second quarter 2013 earnings release for additional information regarding the West Harlem property loan terms.
Proceeds from the repayment of amounts due were used by Aimco to repay outstanding borrowings on its revolving line of credit, which on a pro forma basis, has the impact of reducing Aimco’s third quarter 2013 Debt and Preferred Equity to EBITDA from 8.0x to 7.6x.
Source: marketwatch.com
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