Search
 

United Dominion Gets $400-Mil Revolving Credit Facility

RICHMOND, VA-United Dominion Realty Trust, Inc. closes a multi-million Fannie Mae Revolving Credit Facility. The $400 million facility will be used to refinance debt on about 30 of the company's multifamily properties.

By Barbra Murray | Updated on December 24, 2001

RICHMOND-Multifamily real estate firm United Dominion Realty Trust, Inc (USDR) has secured a Fannie Mae Revolving Credit Facility for $400 million. The company will use the facility – acquired through ARCS Commercial Mortgage Co., LP — to refinance debt on about 30 USDR properties.

In a statement, company Executive Vice President Ella S. Neyland explains that “with interest rates at the lowest levels in forty years, we saw an opportunity to refinance a significant portion of our secured loans in a manner that increased earnings, improved our Fixed Charge Coverage Ratio and extended maturity schedules thereby mitigating refinancing risks in the next several years.” The facility is for a 10-year term, but USDR has the option to extend it for up to five years. USDR expects the value of the refinancing to be anywhere from $20-25 million. Currently the company has a stake in about 76,000 unites and has 800 more under construction.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.