09:00 AM EDT, 10/03/2024 (MT Newswires) -- NexPoint Residential Trust ( NXRT ) said Thursday it has closed 17 property mortgage refinancings through JP Morgan Chase Bank (JPM) and Federal Home Loan Mortgage, as well as the sale of the Stone Creek at Old Farm property.

The company said it entered into 17 loan agreements and expects to enter into 17 additional loan agreements on Nov. 29, for total proceeds of $1.47 billion, representing about 98% of the company's total outstanding debt.

The company said the refinancings are expected to reduce its average interest rate by 48 basis points to 6.21% and its adjusted weighted average interest rate to 3.16% from 3.64%.

The company closed the sale of the 190-unit Stone Creek at Old Farm in Houston, for $23.7 million.

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