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Kramont to Save $3.3M a Year in $190-M Refinancing

PLYMOUTH MEETING, PA-The new, 10-year mortgage on 15 properties is from MetLife at a 6.12% rate of interest. The funding replaces a Real Estate Mortgage Investment Conduit facility for $181.7 million on 27 of the REIT's properties at 7.96% interest.

By Marita Thomas | Updated on June 17, 2003

PLYMOUTH MEETING, PA-Locally based Kramont Realty Trust closed on $190 million in mortgage financing for 15 properties. The loan, from New York-based Metropolitan Life Insurance Co., has a 10-year term with an interest rate of 6.12%. It is interest only for the first two years with amortization for the remainder of the loan term.

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.

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