Centerspace announced that it has received $125 million in funding from a group of investors
September 16, 2021
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Centerspace announced that it has entered into a note purchase agreement with investors for a private placement of senior unsecured promissory notes for gross proceeds of $125,000,000 on September 17, 2021. The company issued (i) series 2021-A senior notes due September 17, 2030, bearing interest at a rate of 2.5% per year for proceeds of $35,000,000 (ii) series 2021-B senior notes due September 17, 2031, bearing an interest rate of 2.62% per year for proceeds of $50,000,000 (iii) series 2021-C senior notes due September 17, 2032, bearing an interest rate of 2.68% per year for proceeds of $25,000,000 and (iv) series 2021-D senior notes due September 17, 2034, bearing an interest rate of 2.78% for proceeds of $15,000,000 in the transaction. The interest on notes is payable quarterly. The notes of each series shall be subject to prepayment, in whole at any time or from time to time in part (in integral multiples of $500,000 and in a minimum amount of $1,000,000 on any one occurrence), at the option of the company, at 100% of the principal amount so prepaid plus interest thereon to the prepayment date and the Yield-Maintenance Amount, if any, with respect to each such note, so long as, at the time of such prepayment, and after giving effect thereto, no default or event of default shall be in existence. The transaction included participation from Allianz Life Insurance Company of North America, Nationwide Life and Annuity Insurance Company, Nationwide Life Insurance Company, Prudential Annuities Life Assurance Corporation, The Prudential Insurance Company of America, Inc., The Prudential Life Insurance Co., Ltd., and Nassau Life Insurance Company.
Centerspace is a real estate investment trust. The Company is focused on the ownership, management, acquisition, development, and redevelopment of apartment communities. The Company owns approximately 72 apartment communities consisting of 13,088 homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. The Company conducts its daily business operations primarily through its operating partnership, Centerspace, LP (the Operating Partnership). The Companyâs portfolio of apartment communities includes 71 France, Alps Park Apartments, Arcata Apartments, Ashland Apartment Homes, Avalon Cove Townhomes, Burgundy & Hillsboro, Canyon Lake Apartments, Castlerock Apartment Homes, Cottonwood Apartment Homes, Country Meadows Apartment Homes, Deer Ridge Apartment Homes, Grand Gateway Apartment Homes, Homestead Garden Apartments, Silver Springs Apartment Homes, and Rimrock West Apartments, among others.