The financing was arranged through the Westport, CT, office of Holliday Fenoglio Fowler, L.P. It replaced a Real Estate Mortgage Investment Conduit loan for $181.7 million on 27 Kramont properties. The REMIC facility carried an interest rate of 7.96% and matured this month.
Kramont anticipates an interest savings of $3.3 million a year as a result of the new mortgage. "With the closing of the MetLife loan, we have achieved our goal of decreasing our corporate leverage to 50%," said Carl E. Kraus, SVP, CIO, CFO and treasurer of the REIT. "We have worked hard over the past two years to recapitalize the Trust and improve our balance sheet. Our shareholders should now be able to see the results of our efforts."
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