This transaction combined two existing credit facilities with different terms and conditions, and added additional credit capacity. The resulting credit facility has an eight-year term and initially contains $121 million of fixed-rate debt and $121 million of floating-rate debt.
The floating-rate component includes interest-only floating-rate advances. Fixed-rate advances will be serviced based upon a 30-year amortization schedule. The credit facility provided the borrower with approximately $19 million in "borrow-up" on existing assets and future expansion capacity of $58 million.
The credit facility is secured by 13 housing properties containing 2,480 units. The properties are located in Florida (4), Rhode Island (3), Illinois (3), California (2) and Arizona (1).
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