Terms of Recent Financings
Several REITs have arranged new financing deals in the past couple of weeks. I thought it might be interesting to run a little comparison of the terms. Here’s what I’ve come up with.
| Company | Property | Amount | Rate | Recourse | Terms |
|---|---|---|---|---|---|
| Glimcher Realty Trust | Morgantown Mall | $40.0M | LIBOR + 3.50% | 50% | 3 yrs w/ two 1-yr ext |
| Glimcher Realty Trust | Northtown Mall | $40.0M | LIBOR + 3.00% | 50% | 3 yrs w/ 1-yr ext |
| Ramco-Gershenson | Unsecured Facility | $150.0M | LIBOR + 1.15% - 1.50% | N/A | End of 09 w 1-yr ext |
| PREIT | Unsecured Facility | $40.0M | LIBOR + 2.50% | N/A | N/A |
| PREIT | Existing Facility | $130.0M | Swap to 5.33% fixed | N/A | N/A |
| PREIT | Existing Facility | $500.0M | LIBOR + 1.40% | N/A | Exercised 14-month ext. |
| CBL & Associates | Hanes Mall | $164.0M | 6.99% fixed | None | 10 yrs |
| CBL & Associates | Rivergate Mall & Village at Rivergate | $87.5M | LIBOR + 2.25% | 50% | 3 yrs w/ two 1 yr ext and swap option |
| Cedar Shopping Centers | Upland Square | $77.7M | LIBOR + 2.25% | N/A | 3 yrs w/ 1 yr ext |
| Macerich Co. | Broadway Plaza | $150.0M | 6.11% fixed | N/A | 7 yrs |
| Macerich Co. | Chandler Festival | $29.7M | 6.15% fixed | N/A | 7 yrs |
| Macerich Co. | Chandler Gateway | $18.9 | 6.15% fixed | N/A | 7 yrs |
| Macerich Co. | South Towne Center | $90.0M | 6.25% fixed | N/A | 7 yrs |
| Macerich Co. | Washington Square Mall | $250.0M | 6.00% fixed | N/A | 7 yrs |
