Insignia Financial Closes on $230-Mil Credit Facility

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.