Mid-America Apartment Communities, Memphis, has reported the completion of a refinancing of $147 million of debt.The multifamily real estate investment trust said it used swaps to lock in an interest rate for an average life of five years and that the refinancing will save $0.08 per share on an annualized basis compared with the previous financing. A total of $180 million in new financing was provided by Fannie Mae through one of its Delegated Underwriting and Servicing lenders, Prudential Mortgage Capital. Some of the financing was used to pay down the REIT's bank lines of credit. The company can be found online at http://www.maac.net.
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