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RAIT Financial Sheds $109M In Residential Assets

Law360, New York (January 11, 2017, 2:52 PM EST) -- RAIT Financial Trust on Tuesday said that it has recently sold four apartment properties in separate deals totaling $109.2 million, as the real estate investment trust looks to focus on its lending business and reduce debt.

RAIT completed the deals between Dec. 1 and Jan. 6, according to a statement on Tuesday announcing the sales. The company used $94.4 million of the proceeds to pay transaction costs and to repay related indebtedness, leaving it with $14.8 million in net proceeds, the statement said.

The recent sales...
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