$110M Loan for First Industrial, CalSTRS JVs

SACRAMENTO, CA-First Industrial Realty Trust Inc. of Chicago has arranged a new $110-million financing for its joint ventures with the locally based California State Teachers’ Retirement System, the second-largest public pension fund in the US. The three-year term loan is priced at LIBOR plus 2.75%. Subject to new commitments, accordion features in the facility allow the loan to be expanded up to $275 million and for a revolving credit line up to $175 million, for a total potential facility of $450 million.

The loan was arranged through a syndicate of three banks: WestLB, PNC Bank, and Regions Bank. First Industrial’s interim chief executive W. Ed Tyler says the ability to execute the loan at attractive terms in the current challenging credit environment “reflects the quality of our joint venture assets, our sponsorship, and our joint venture partner.”