Real Estate Contract For Purchase of a 208 Unit Apartment Complex
On March 5, 2014, Tower Properties Company (Company) entered into a contract to purchase 100% of the membership interests of a Limited Liability Company (LLC). The LLC?s exclusive business is the ownership of a 208 unit apartment complex in Lenexa, Kansas. The total purchase price for the LLC is $23,800,000 and the purchase is expected to close in May 2014.
Debt Financing
The LLC has a loan with an outstanding balance of approximately $17,700,000 that will be assumed with the purchase of the LLC. The loan was originally a fully amortizing 35 year loan at 3.31% that matures in July 2048.