Equity One, Inc. closed a $227 million unsecured revolving credit facility with Wells Fargo Bank. The new facility has a three-year term with a one-year extension option. In addition, the facility includes an accordion feature under which it can be expanded to $400 million. Borrowings under the facility are priced at LIBOR plus 140 basis points, based on the company’s current credit ratings.
In addition to Wells Fargo, 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 Co. and Israel Discount Bank of New York.
Equity One also announced the closing of a $65 million non-recourse mortgage loan secured by Sheridan Plaza, a 504,495-square-foot shopping center in Hollywood, Florida. The term of the loan is fixed for 10 years at 6.25 percent with 30-year amortization.
“Our recent capital transactions have strengthened our already healthy balance sheet,” said Equity One CEO Jeff Olson. “These transactions are a key component to our overall financial strategy emphasizing liquidity, flexibility, and modest leverage.”
Other Notable Deals
The Dallas office of Holliday Fenoglio Fowler, L.P. secured a $47.4 million construction loan for Brick Row, a mixed-use development under construction in Dallas that will open in 2010 and include 500 multifamily units and 16,000 sq. ft. of retail. The borrower is a joint venture between Winston Capital Corp., L&B Realty Advisors and the Michigan Employees Retirement System. A three-bank syndication led by Colonial Bank, along with Texas Capital Bank and Broadway Bank, provided the three-year construction loan. … Phillips Edison & Co. purchased Plaza North Shopping Center, a 203,250-sq.-ft. retail center in Omaha, Neb., for $11 million, at a cap rate of 9.5 percent. Colliers International completed the sale of the leasehold interest in a 95 year ground lease in the 117,000-sq.-ft. Santa Maria Commons shopping center in Santa Maria, Calif., for $10 million. First California Holdings LLC purchased the center from Regency Realty Group. … Onyx Equities, LLC sold the 78,608-sq.-ft. Summerhill Marketplace shopping center and a 10,000-sq.-ft. pad site in East Brunswick, N.J. for an undisclosed price. … KeyPoint Partners LLC received a property management and leasing contract for Marketplace at Hamden in Hamden, Conn.