Real Money: Lenders Letting REITs Play the Accordion

Equity One Inc. in North Miami Beach closed a $ 575 million unsecured revolving credit facility that replaces its existing $ 400 million facility. The new facility, which has a 4-year term with a 1-year extension option, can be upsized to $ 800 million through an accordion feature. Borrowings under the new facility will bear interest at the annual rate of LIBOR plus 155 basis points subject to a pricing grid for changes in the company’s credit ratings…
South Florida Commercial Real Estate News From CoStar Group