The proceeds have been used to retire Insignia's $185-million credit facility, which dates to October 1998, and will be used to finance acquisitions and expand investments in real estate assets and off-balance-sheet real-estate investment funds. Current borrowings on the new facility now amount to $134 million and $12.6 million in letters of credit.
Commenting on the transaction, Insignia chairman and CEO Andrew L. Farkas notes that this borrowing provides the firm with funds to sustain its growth at a time when there is concern about general economic conditions and increased caution in the capital markets.
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