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Wednesday, May 6, 2009

Unsecured $372M Federal Realty Loan

By: Tonie Auer, Contributing Correspondent/CPN Online
Despite credit still playing hard-to-get, several REITs have recently managed to get their hands on sizable financing deals. The latest firm to add its name to the list of firms receiving funding is Federal Realty Investment Trust, which just closed a new $372 million unsecured term loan facility.
Less than two weeks ago, CPN reported that H&R Real Estate Investment Trust secured C$425 million in financing to complete construction of a 58-story office tower in Downtown Calgary, Canada. The 42-month financing was provided by a syndicate of lenders led by RBC Capital Markets and TD Securities.
Wachovia Securities and PNC Bank N.A. acted as lead arrangers for the loan. J.P. Morgan Chase Bank N.A., Regions Bank and SunTrust Bank acted as co-documentation agents. Bank of America N.A., Royal Bank of Canada, Chevy Chase Bank, F.S.B., Citicorp North America Inc., Comerica Bank and Raymond James Bank F.S.B. are all lenders for the transaction.
What makes the Federal Realty deal unique is the unsecured terms. For many real estate companies these days, secured financing is the most--if not only--viable route for obtaining loans. "The market for senior unsecured debt financing has been generally unavailable to REITs during 2008," Liberty noted in its annual report.
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