First Industrial Realty Trust closes USD100.6m secured financing transaction
First Industrial Realty Trust, an owner and operator of industrial real estate and provider of supply chain solutions, has closed a secured financing transaction with a life insurance company for gross proceeds of USD100.6m.
The financing is secured by 31 properties totalling approximately 3.8 million square feet.
The properties are located in California, Illinois, Indiana, Maryland, Minnesota, Missouri, Ohio, Tennessee, Texas, and Wisconsin.
The term of each of the loans which comprise the financing is 10 years, with the interest rate fixed at 4.03 per cent over a 30-year amortization schedule. The loan-to-value ratio for this financing was approximately 70 per cent.
"This financing provides us with long-term capital at an attractive rate, contributing to our goal of further reducing our capital costs," says Bruce W. Duncan (pictured), president and chief executive officer of First Industrial. "Our plans include prepayment of a total of USD63m of higher rate secured financings in the fourth quarter of 2012 and during 2013."
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