Equity One plans to use part of the facility to fund part of the cash to be paid to IRT shareholders, to pay transaction costs, and to repay about $61.6 million in secured mortgage debt and $8 million in unsecured borrowings. Wells Fargo, the administrative agent and sole lead arranger of the deal, has arranged 14 more banks' participation in the facility.

It has an initial term of three years with a one-year extension option. The facility also has an "accordion feature," allowing the company to increase the commitment from $340 million to $400 million.

The initial pricing will be set at Libor plus 1%. Advances under the facility will equate to Libor plus 0.65% to 1.35%, depending on the credit ratings of Equity One's senior unsecured long-term indebtedness.