Posted on Wednesday, 9th November 2011 by Stella Ransom
Kimco Realty Corp.
in New Hyde Park, NY, closed on a $1.75 billion unsecured revolving credit facility replacing both the company’s $1.5 billion unsecured U.S. credit facility and a $250 million Canadian credit facility. The new facility, which can be increased to $2.25 billion through an accordion feature, is scheduled to mature on Oct. 27, 2015, with a provision to extend for an additional year. Interest accrues at an annual rate of LIBOR plus 105 basis points on drawn funds. In addition, the facility includes a $500 million sub-limit which provides the company the opportunity to borrow in alternative currencies including Canadian Dollars, Pounds Sterling, Japanese Yen or Euros. J.P. Morgan Securities LLC, Wells Fargo Securities LLC and RBC Capital Markets served as joint bookrunners,
Vornado Realty Trust
in Paramus, NJ, renewed the second of its unsecured revolving credit facilities for $1.25 billion. This renewed facility matures in four years, has a one-year extension option and bears interest at LIBOR plus 125 basis points, based on Vornado’s current credit rating. In June 2011, Vornado renewed its other revolving credit facility for a four-year term with a one-year extension option for $1.25 billion. Vornado’s total revolving credit facilities are now $2.5 billion. The lead arrangers and bookrunners for the facility are J.P. Morgan Securities and Merrill Lynch; Pierce, Fenner & Smith.
American Capital Agency Corp.
in Bethesda, MD, raised gross proceeds of $1 billion in a public offering of 37 million shares. The company AGNC expects to use the net proceeds to acquire additional federal agency securities.
UDR Inc.
in Denver entered into a $900 million unsecured revolving credit facility, replacing its prior, $600 million facility. The new facility has an initial term of four years and includes a one-year extension option, and contains an accordion feature that allows the company to increase the facility to $1.35 billion. Based on the company’s current credit ratings, the credit facility carries an interest rate equal to LIBOR plus a spread of 122.5 basis points and a facility fee of 22.5 basis points. Wells Fargo Bank and JPMorgan Chase Bank served as joint lead arrangers and joint bookrunners.
Boston Properties Inc.
agreed to sell $850 million of 3.7% senior unsecured notes due 2018. The net proceeds are to be used to repay, redeem or repurchase outstanding debt.
Health Care REIT Inc.
in Toledo went to the public markets for the fourth time this year, this time selling more common stock and raising $635 million. The company intends to use the net proceeds to invest in health care and seniors housing properties and repay debt. The REIT has now raised more than $4 billion this year.
CommonWealth REIT
in Newton, MA, amended and increased its existing $400 million unsecured term loan to $557 million. Prior to this amendment, CWH’s term loan had a maturity date of Dec. 15, 2015, and interest paid on borrowings was LIBOR plus 200 basis points. The maturity date of the amended term loan is extended one year and interest paid on borrowings is reduced to LIBOR plus 150 basis points. In addition, the maximum borrowing may be increased up to $1 billion in certain circumstances. CWH expects to use the increased proceeds of the term loan to repay debt.
Behringer Harvard REIT I
in Dallas closed on a $340 million secured credit facility. The facility includes a $200 million term loan and a $140 million revolving credit facility, each with a 3-year term and two 1-year extension options. KeyBanc Capital Markets and J.P. Morgan Securities LLC were co-lead arrangers.
H&R REIT
borrowed $250 million for its acquisition of Two Gotham Center, a 670,000-square-foot, 22-story office building in Long Island City, NY. The loan, arranged by CBRE Capital Markets, includes a 10-year term and a 4.25% interest rate.
CubeSmart
in Wayne, PA, closed its public offering of 23 million common shares raising $211.6 million and closed a public offering of preferred shares raising another $70 million. The company intends to use the net proceeds to fund a portion of the purchase price for its recently announced acquisition of 22 self-storage facilities from Storage Deluxe.
FelCor Lodging Trust
modified its $178 million CMBS mortgage loan scheduled to mature this month and extended the maturity date for up to two years. The loan now bears interest at LIBOR plus 2.20% and is prepayable at any time. It repaid $20 million of the principal with cash on hand reducing the outstanding balance to $158 million. The loan is secured by nine hotels.
Sabal Financial Group
in Newport Beach, CA, purchased a $142.2 million loan portfolio from Bank of the Cascades in Bend, OR. The portfolio includes a total of 171 both performing and non-performing loans, and is primarily secured by retail, office and industrial properties, and land based assets in Oregon and Idaho.
RLJ Lodging Trust
in Bethesda, MD, refinanced its $140 million term loan, which was scheduled to mature in November 2011, with Wells Fargo Bank. The company structured five independent first mortgage loans totaling $142 million. The base term for each mortgage is interest only and bears a floating rate of LIBOR plus 360 basis points. In addition to lowering the interest rate spread from 425 basis points to 360 basis points, the company also eliminated a 1% LIBOR floor. The base term for each loan is three years with two, one-year extension options. Including extensions, this tranche of debt will now mature in 2016.
Education Realty Trust Inc.
in Memphis, TN, raised $124.4 million in a public stock offering. The money is expected to be used to repay debt and fund its development pipeline.
Agree Realty Corp.
in Farmington Hills, MI, closed an $85 million unsecured revolving credit facility. The new and expanded arrangement replaces the company’s former $55 million credit facility. The new 3-year facility matures Oct. 26, 2014, with two 1-year options to extend. Borrowings are priced at LIBOR plus 175 to 260 basis points. Based upon the company’s current leverage ratio, it anticipates the margin will be 185 over LIBOR. The facility also includes a $50 million accordion feature to increase capacity to $135 million to accommodate the company’s acquisition and development platforms. Bank of America will act as Administrative Agent.
Stag Industrial Inc.
in Boston raised $69 million through the sale of preferred stock. The money will be used for acquisitions.
Summit Hotel Properties Inc.
in Sioux Falls, SD, raised $57.5 million in a public offering of 2 million shares of its 9.25% Series A cumulative redeemable preferred stock. The company expects to use the net proceeds to repay the debt outstanding on its revolving credit facility.
SilverLeaf Financial
in Salt Lake City acquired a $57 million non-performing loan secured by 58 unsold luxury condominium units within the 86-unit Trailhead Lodge Development in Steamboat Springs, CO. The loan originated in 2007 for the amount of $57.4 million and was later extended in 2009. Currently the loan is in maturity default with an unpaid principal balance of $48 million. Thee lodge consists of one 5-story building over a 2-story underground garage, and features a total of 86 residential units.
Acadia Realty Trust
in White Plains, NY, raised $45.23 million through the sale of common stock, with the money earmarked for debt repayment.
Gladstone Capital Corp.
in McLean, VA, raised $35 million in a preferred stock offering. The company intends to use the net proceeds to repay debt.
Lewis Operating Corp.
secured a $34 million refinancing for Carmel Apartments, a 306-unit, Class A multi-housing community in Rancho Cucamonga, CA. HFF placed the 12-year, 5.01%, fixed-rate loan with Northwestern Mutual. Loan proceeds refinanced a maturing loan.
American Realty Capital Properties Inc.
in New York raised $15.75 million through the sale of common stock. The company intends to use the net proceeds from the offering to make additional property acquisitions, pay related fees and expenses, and for general working capital purposes.
American Realty Capital Properties Inc.
in New York received $15.1 million in net proceeds from a common stock offering. The company intends to use the net proceeds to make additional property acquisitions.
Lightstone Group
in New York closed on the senior mortgage acquisition secured by the 151-room Marriott Courtyard hotel in Parsippany, NJ. The purchase price was $9.3 million or $62,000 per room.
Marcus & Millichap Capital Corp.
arranged the financing for a mixed-use, office/retail building a at 331-345 Fordham Road in Bronx, NY, with a national bank. The loan amount was $4 million at a rate of 6% fixed for 10 years, and based on a 10-year amortization schedule.
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