Elme Communities (ELME) Form 8-K — Sep 18, 2026
Elme Communities completed the $250.0 million sale of Riverside Apartments, a 1,222-unit community in Alexandria, Virginia, to FPA Multifamily, LLC on September 14, 2026. The same buyer previously acquired Elme Sandy Springs and Elme Marietta and holds separate contracts for the company's two remaining Washington, D.C. properties. Elme used a portion of the proceeds to repay in full the remaining approximately $198.6 million balance of its $520.0 million senior secured term loan from Goldman Sachs Bank USA and terminated the loan agreement, releasing all mortgages and liens on the remaining properties.
Key figures
- Debt Amount
- 198600000
- Deal Value Usd
- 250000000
- Interest Rate
- 1-month term SOFR (3.00% floor) plus spread; assumed 6.21% (SOFR 3.96% + 2.25% spread)
- Maturity Date
- November 9, 2026 (scheduled maturity of the now-terminated Term Loan)
- Senior notes
- 7.25% notes due 2028, redeemed and discharged November 2025
- Extension fee
- 0.25% of outstanding principal (option not exercised)
- Pro forma cash
- 192886000
- Riverside units
- 1222
- Bethesda sale price
- 58000000
- Pending kenmore price
- 55000000
- Weighted average shares
- 88092000
- Original term loan amount
- 520000000
- Swap notional written off
- 150000000
- Pro forma liquidation costs
- 25736000
- Cortland portfolio sale price
- $1.606 billion
- Pending 3801 connecticut price
- 55000000
- Extension condition max outstanding
- 312000000
- Pro forma net assets in liquidation
- 167656000
- Real estate impairment ten months oct 2025
- 111719000
- Aggregate proceeds six prior property sales
- approximately $294 million
- Liquidating distributions payable nov dec 2025
- 1303723000
AI analysis
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