RREEF unit to pay down revolver via new loan

By Wendy Van Sickle

Columbus, Ohio, June 30 – RREEF Property Trust, Inc. indirect wholly owned subsidiary RPT Flats at Carrs Hill, LLC will pay down the outstanding balance on its existing line of credit with Wells Fargo Bank with some proceeds of a new $25.5 million non-recourse loan from Nationwide Life Insurance Co., according to an 8-K filing with the Securities and Exchange Commission.

Proceeds will also be used to fully prepay and release the existing $14.5 million mortgage loan on RPT Flats at Carrs Hill.

RREEF is a continuously offered, non-traded, publicly registered real estate investment trust based in New York.

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