Mortgage Refinancings Closed in Fall 2010

FCC recently completed the refinancing of four affiliated apartment complexes containing 553 apartment units.  The refinancing totaled $15,736,200 with an average term of 26 years and average interest rate of 4.75 percent per annum.  The refinanced mortgage loans will substantially reduce debt service costs and increase cash flow from operations.  Proceeds from the refinancing will provide funds for green and capital improvements and will strengthen project reserve accounts.