EQR Secures $2.5B Credit Line for Archstone Deal
- Jan 15, 2013
Chicago—Equity Residential has entered into a new unsecured revolving credit facility and term loan as it positions itself for the closing of the Archstone acquisition in the first quarter of 2013. The new $2.5 billion agreement was made with a group of 25 financial institutions and matures in April 2018 with an interest rate of LIBOR plus a spread and an annual facility fee that are dependent on the company’s current credit rating. At the current credit rating, the interest rate spread is 1.05 percent and the annual facility fee is 15 basis points. The facility effectively replaces the company’s existing $1.75 billion facility which was scheduled to mature in July 2014.
“We are very pleased to put these new facilities in place and are appreciative of the support that we have received from a syndicate of 25 financial institutions for both the revolver and the term loan,” says Mark Parrell, Equity Residential’s executive vice president and chief financial officer. “Between these loans and the proceeds from the more than $3.0 billion of non-core assets we have recently sold or have under contract, we have exceeded our funding objectives for the Archstone closing.”
Bozzuto announces plans for a D.C. condo
Washington, D.C.—Bozzuto Homes, a division of The Bozzuto Group, has announced details regarding a new 63-unit condominium development located at 460 New York Avenue NW in the Mount Vernon Triangle neighborhood of Washington, D.C. The new 11-story development is an adaptive re-use of an existing 1929-built building. The first two levels will feature a vertical lift parking system and a two-story marble lobby. Amenities include a 3,000-square-foot rooftop penthouse that will include a community lounge and an adjacent rooftop patio.
“Consumer demand is shifting toward a more efficient and economical urban lifestyle and 460 New York Avenue will deliver exactly this type of living in the heart of Washington, DC,” says Tom Baum, president, Bozzuto Homes. “It is the only new condominium option at this time in the thriving Mount Vernon Triangle neighborhood and we very much look forward to becoming a part of the community.”
Located across the street from CityVista, an award-winning mixed-use development, 460 New York Avenue will offer easy access to major Washington, D.C. thoroughfares, and will be less than one half mile from two Metro stops.
NorthMarq arranges $16.5M life company loan
Gastonia, N.C.—Bill Matone, senior vice president and managing director of NorthMarq’s Charlotte regional office, arranged first mortgage refinancing of $16.5 million for The Village of Ballantyne, a 240-unit market-rate multifamily community located in Gastonia, N.C.
Financing was based on a 10-year term and a 25-year amortization schedule and was arranged for the borrower, Southwood Realty Company Inc., by NorthMarq through its relationship with a correspondent life company.