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Equity One Closes $227M Credit Line

NORTH MIAMI BEACH, FL-The unsecured financing with Wells Fargo can expand to $400 million.

By Crystal Proenza | Updated on October 20, 2008

(Crystal Proenza is associate editor of Real Estate Florida.)

NORTH MIAMI BEACH, FL-Equity One Inc. has closed a $227-million unsecured revolving credit facility with Wells Fargo Bank serving as administrative agent and sole lead arranger. The three-year term loan has a one-year extension option and an accordion feature that can expand the facility to $400 million. Calls to Equity One for further comment were not returned Monday.

According to a press release, borrowings under the facility are priced at Libor plus 140 basis points, based on the company’s current credit ratings. Other lenders participating in the credit facility are SunTrust Bank as syndication agent, PNC Bank and Bank of America as co-documentation agents, Raymond James Bank, JPMorgan Chase Bank, Branch Banking & Trust Company and Israel Discount Bank of New York City.

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