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NEW YORK CITY-AmeriCold Realty Trust has completed a $400-million, one-year, interest-only financing. The loan is collateralized by 21 of AmeriCold's owned and six of its leasedtemperature-controlled warehouses.
AmeriCold is owned 47.6% by Vornado Realty Trust, 31.7% by Crescent Real Estate Equities Co. and 20.7% by the Yucaipa Cos. LLC, Approximately $243 million of the loan was drawn to repay an existing $243-million mortgage on the facilities. The remaining $157 million of the new loan can be drawn at any time prior to October 7.
The initial interest rate on the new mortgage is Libor plus 0.60% and increases to Libor plus 1.10% when the remaining balance is drawn. The refinanced loan had a rate of Libor plus 2.95% and required principal amortization of $5 million per year.
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