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Ramco-Gershenson Expands Line of Credit

FARMINGTON HILLS, MI-The REIT secures additional funding for acquisitions under more favorable terms. The credit line grows from $125 million to $160 million, with the possibility of adding another $40 million.

By Dan Heaton | Updated on January 06, 2005

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FARMINGTON HILLS, MI-Shopping center REIT Ramco-Gershenson Properties Trust has increased its available credit for future acquisitions by at least $35 million. The new credit arrangement comes just days after Ramco announced it was forming a $450-million joint venture with Clarion Lion, a real estate investment arm of New York-based ING, to acquire additional properties.

Under the terms of the new credit agreement with Fleet National Bank, Ramco increases its secured revolving credit facility from $125 million to $160 million with a built-in accordion feature allowing up to a $40-million increase for a total of $200 million in available credit. “The increase to our secured revolving line of credit as well as the positive pricing change in both credit facilities provide us with even greater financial flexibility to execute our business plan,” says Dennis Gershenson, president and chief executive officer.

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