SUMMIT PROPERTIES INC
SWAP TRANSACTION DATED JUNE 17, 2002
<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>9
<FILENAME>g77507exv10w7.txt
<DESCRIPTION>SWAP TRANSACTION DATED JUNE 17, 2002
<TEXT>
<PAGE>

Exhibit 10.7

233 South Wacker Drive, Suite 2800
Chicago, Illinois 60606
Tel  312-234-2732
Fax  312-234-3603

BANK OF AMERICA N.A.

TO:         Summit Properties Partnership, LP
            309 East Morehead St, Ste 200
            Charlotte, NC 28202

ATTN:       Gregg Adzema
TEL:        704-334-9905
FAX:        704-334-4496

FROM:       Bank of America, N.A.
            233 South Wacker Drive - Suite 2800
            Chicago, Illinois 60606
            Gerry Rosales / Mike Allison

Date:       17JUN02

Our Reference No. 26049

Internal Tracking Nos.  385471

         The purpose of this letter agreement is to confirm the terms and
conditions of the Transaction entered into between Summit Properties
Partnership, LP and Bank of America, N.A. (each a "party" and together "the
parties") on the Trade Date specified below (the "Transaction"). This letter
agreement constitutes a "Confirmation" as referred to in the ISDA Master
Agreement specified in paragraph 1 below (the "Agreement").

         The definitions and provisions contained in the 2000 ISDA Definitions,
as published by the International Swaps and Derivatives Association, Inc., (the
"Definitions") are incorporated into this Confirmation. In the event of any
inconsistency between the Definitions and this Confirmation, this Confirmation
will govern.

         1. This Confirmation evidences a complete binding agreement between the
parties as to the terms of the Transaction to which this Confirmation relates.
In addition, the parties agree to use all reasonable efforts promptly to
negotiate, execute and deliver an agreement in the form of the ISDA Master
Agreement (Multicurrency-Cross Border) (the "ISDA Form"), with such
modifications as the parties will in good faith agree. Upon the execution by the
parties of such an agreement, this Confirmation will supplement, form a part of,
and be subject to that agreement. All provisions contained or incorporated by
reference in that agreement upon its execution will govern this Confirmation
except as expressly modified below. Until the parties execute and deliver that
agreement, this Confirmation, together with all other documents referring to the
ISDA Form (each a "Confirmation") confirming transactions (each a "Transaction")
entered into between the parties (notwithstanding anything to the contrary in a
Confirmation), shall supplement, form a part of, and be subject to an agreement
in the form of the ISDA Form as if the parties had executed an agreement in such
form (but without any Schedule) on the Trade Date of the first such Transaction
between the parties. In the event of any inconsistency between the provisions of
that agreement and this Confirmation, this Confirmation will prevail for the
purpose of this Transaction.

         In this Confirmation "Party A" means Bank of America, N.A. and "Party
B" means Summit Properties Partnership, LP.

         2. The terms of the particular Transaction to which this Confirmation
relates are as follows:

         Notional Amount:                  USD 50,000,000.00

<PAGE>
<TABLE>
         <S>                               <C>

         Trade Date:                       11JUN02

         Effective Date:                   14JUN02

         Termination Date:                 15AUG07, subject to adjustment in accordance with the Following
                                           Business Day Convention
         FIXED AMOUNTS:

         Fixed Rate Payer:                 Party A

         Fixed Rate Payer Payment Dates:   The 15th of each February and August, commencing 15AUG02 and
                                           ending 15AUG07, subject to adjustment in accordance with the
                                           Following Business Day Convention.  No Adjustment Of Period End
                                           Dates.

         Fixed Rate:                       7.20000%

         Fixed Rate Day Count Fraction:    30/360

         FLOATING AMOUNTS:

         Floating Rate Payer:              Party B

         Floating Rate Payer Payment       The 15th of each February, May, August and November, commencing
         Dates:                            15AUG02 and ending 15AUG07, subject to adjustment in accordance
                                           with the Modified Following Business Day Convention.

         Floating Rate for initial         TO BE SET
         Calculation Period:

         Floating Rate Option:             USD-LIBOR-BBA

         Averaging:                        Inapplicable

         Designated Maturity:              3 Month

         Spread:                           Plus 2.41750%

         Floating Rate Day Count           Actual/360
         Fraction:

         Reset Dates:                      The first day of each Calculation Period

         Compounding:                      Inapplicable

         Business Days:                    New York, London

         Calculation Agent:                Party A
</TABLE>

         3. RECORDING OF CONVERSATIONS:

         Each party to this Transaction acknowledges and agrees to the tape
recording of conversations between the parties to this Transaction whether by
one or other or both of the parties or their agents, and that any such tape
recordings may be submitted in evidence in any Proceedings relating to the
Agreement and/or this Transaction.


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<PAGE>

         4. ACCOUNT DETAILS:

                  Account for payments to Party A:

                  [Account information for Party A]

                  Account for payments to Party B:

                  [Account information for Party B]

5.       OFFICES:

                  The Office of Party A for this
                  Transaction is:                      Charlotte, NC

                  Please send reset notices to fax no. (312-234-3603)

                  The Office of Party B for this
                  Transaction is:                      North Carolina, USA

         GOVERNING LAW: The Laws of the State of New York (without reference to
                  the conflict of laws provisions thereof)

         CREDIT SUPPORT DOCUMENT: As per Agreement (and Credit Support Annex
                  if applicable).

         In relation to Party B,

         The ISDA Credit Support Annex to be executed by Party B and given in
favor of Party A with the following terms:

          "Threshold" means, with respect to Party B on any date of
          determination, (a) the amount set forth opposite the Credit
          Rating which Party B has on that date as assigned by Moody's
          Investor Services, Inc. or any successor thereto ("Moody's")
          or Standard & Poor's Corporation, a division of The McGraw
          Hill Companies, Inc., or any successor thereto ("S&P") or (b)
          zero if on that date Party B does not have a Credit Rating or
          an Event of Default or Potential Event of Default or
          Termination Event (or event that would constitute an Event of
          Default or Termination Event with the lapse of time or giving
          of notice or both) with respect to such party has occurred
          that is still continuing. The Threshold amount will be based
          on the lower of the two ratings from Moody's and S&P, if such
          ratings are split. If Party B is only rated by one agency, the
          Threshold amount will be based on the rating of that agency.

               Threshold      Credit Rating by S&P     by Moody's
               $5,000,000     BBB (and above)          Baa2 (and above)
               $2,000,000     BBB-                     Baa3
               $0             below BBB-               below Baa3

          Minimum Transfer Amount means, $100,000.

          Additional Termination Event. Additional Termination Event will apply.

         It shall be an Additional Termination Event, Party B shall be the
Affected Party and Party A shall be the party entitled to designate an Early
Termination Date with respect to all Transactions and determine the amounts
payable under Section 6(e) of this Agreement,

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<PAGE>

         If Party B fails to execute an ISDA Master Agreement and ISDA Credit
Support Annex in form and substance satisfactory to Party A and provide
collateral on or before September 10, 2002

         The Confirmation should be subject to an ISDA Master Agreement to be
entered into with Bank of America, N.A.

         Please confirm that the foregoing correctly sets forth the terms and
conditions of our agreement by returning via telecopier an executed copy of this
Confirmation to the attention of Global Derivative Operations at (fax no.(312)
234-3603).

Yours Sincerely,


Bank of America, N.A.



/S/ Dave Walker
-------------------------
Dave Walker
Senior Vice President




Authorized Signatory

Accepted and confirmed as of the date first written:

Summit Properties Partnership, LP

By:  /S/ Gregg D. Adzema

Name:   Gregg D. Adzema

Title:  Executive Vice President



Our Reference # 26049


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