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Insignia Financial Closes on $230-Mil Credit Facility

NEW YORK CITY-The proceeds have been used to retire the firm's 1998 $185-credit facility and will be used to finance acquisitions and invest in off-balance-sheet investment funds. Borrowings on the new facility now total $134 million plus letters of credit worth $12.6 million.

By John Howe | Updated on May 16, 2001

NEW YORK CITY-Insignia Financial Group has closed on a revolving credit facility that allows it to borrow up to $230 million. The lead firms in the transaction were First Union Securities, Lehman Brothers and Bank of America, which were joined by a syndicate of ten US and international institutions.

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.

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