Equity LifeStyle Properties, Inc. (NYSE:ELS) recently closed on seven more properties for $157 million from its $1.43 billion portfolio acquisition made earlier this year.
The purchase price for the closing was funded with the assumption of approximately $76 million of mortgage debt secured by the recent acquisitions and approximately $81 million in cash. The cash was obtained from the proceeds of the previously announced $200 million of financings originated during the quarter ended Sept. 30, 2011.
ELS is continuing to perform due diligence on the Clinton property and so is unable to provide a current estimate of a closing date for this property.
As of today, ELS has closed on 68 out of the 76 properties since July 1, 2011. The company expects to close seven more properties by Nov. 1 of this year.
Written by Alyssa Gerace