April 28, 2009 (FinancialWire) — AvalonBay Communities, Inc. (NYSE: AVB) said it has closed a $741 million loan with Deutsche Bank Berkshire Mortgage, Inc. (NYSE: DB) on behalf of mortgage funder Freddie Mac (NYSE: FRE).

Under the facility, the company borrowed $741,140,000 using fourteen separate mortgage loans, each secured by one of the AvalonBay’s apartment communities. Interest on the loans will be fixed at 5.86% per annum for ten years.

Each of the loans will provide for payments of interest only during the first and second years of the loan term, with payments of principal and interest thereafter and the remaining principal amount and any unpaid interest due at maturity on the tenth anniversary.

Alexandria, Virginia-based AvalonBay Communities owned or held a direct or indirect ownership interest in 173 apartment communities as of March 31.

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