BNP Residential Properties Inc. has refinanced five property based loans. The total amount of the loans is $73.8 million. The rate of interest on these loans was 6.97%. The rate of interest on two of the five new loans is 5.58%, while the interest rate on other three new loansis 5.497%.

The company has gained $23.9 million from the refinancing. Out of this amount, $22.3 million will be used to pay for the companies operating lines of credit and $1.6 million was used in other business activities.

BNP Residential Properties Inc. is a real estate investment trust. It owns and operates apartment communities. The company’s operations are conducted through the operating partnership. The company owns apartment properties as well as properties that are leased on a triple net basis to a restaurant operator.