Donahue Schriber Doubles Credit Line

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COSTA MESA, CA-Shopping center development and investment firm Donahue Schriber has secured a $425-million credit facility that more than doubles its previous credit arrangement, with the new secured line of credit also providing a lower interest rate than its previous $200-million facility. The banks participating in the new, three-year credit facility include Bank of America (agent), Wells Fargo Bank, Eurohypo AG, KeyBank, Union Bank of California, PNC Bank, US Bank, LaSalle Bank, Midfirst Bank, Comerica Bank and Manufacturers Bank. The new agreement was arranged by Banc of America Securities. Larry Casey, CFO for Donahue Schriber, says the new line of credit will provide additional flexibility for acquisition and development as the company expands its presence in the grocery-anchored neighborhood and community center business. Casey describes 2004 as a record-breaking year for the company with more than $560 million in development and acquisition activity, saying that the new credit facility will allow Donahue Schriber to continue its growth. The company’s investment and developments this year added 11 centers to its portfolio, with two acquisitions and nine new developments in Arizona, Nevada, Southern and Northern California. This year’s activities included the opening of more than 500,000 sf of new retail space during the fourth quarter, as reported in November on GlobeSt.com. The company, which has operated as a private REIT since January 1997, owns and/or operates 65 neighborhood, community and power centers comprising more than 11 million sf of retail space in California, Nevada and Arizona. The firm has developed or redeveloped over 17 million sf of retail space in its 35-year history.