Koger is using the funds to pay down a portion of the existing balance on its secured revolving credit facility. The REIT amended the facility to $100 million from $125 million.
Koger bought the 11-year-old, 31-story, 805,972-sf Three Ravinia Dr. in December 2001 from Atlanta-based Ravinia Three Associates Limited Partnership for $125 million cash or $155.09 per sf.
At that time, Koger officials told GlobeSt.com the cash would come from the proceeds of its recently closed $303 million portfolio sale to AP-Knight LP and from a $125 million line of credit issued by Boston-based Fleet National Bank. The credit line has a three-year term that expires Dec. 27, 2004.
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