The facility is for a three-year term with an extension option for an additional year, and it comes with a Libor based interest rate plus a margin of 115 to 180 basis points. Allfirst's role in the deal is as sole Lead Arranger and Administrative Agent and Bookrunner. The other five institutions involved include co-syndication agent Wachovia Bank NA, and co-documentation agent US Bank NA. Chevy Chase Bank, Provident Bank and Wells Fargo Bank NA are aboard as participating lenders.
While GlobeSt.com inquiries to MART officials went unanswered, it can be assumed that the funds will be used for the same purposes previous facilities served--the acquisition, development and redevelopment of properties falling in line with the company's strategy. MART's most recent acquisition through the Allfirst revolving line of credit was in August when it purchased the 115,000-sf Greenbrier Shopping Center and 5-acre and additional five-acre undeveloped parcel in Harford County, MD for $25.5 million, plus a $12.3 million debt assumption. MART now owns and operates 41 shopping center properties in the Mid-Atlantic region.
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