UDR will acquire two Manhattan rental communities for $581 million, Bloomberg reports. The transaction comprises the Rivergate complex in Murray Hill for $443 million and a community named 21 Chelsea for $138 million. The U.S. apartment owner will fund the purchase with cash, credit line and assumption of a $31 million first mortgage on 21 Chelsea. The mortgage, carrying an interest rate of 6.76%, is due to mature in June next year.
Click here for the story from Bloomberg.