FARMINGTON HILLS, MI-Ramco-Gershenson Properties Trust has obtained $250 million in unsecured credit from its banking group in a restructuring of secured and unsecured credit lines and loans.

KeyBank National Association leads the group of lenders backing the play. Other participants are JPMorgan Chase Bank, Bank of America, Deutsche Bank Trust Co. Americas, LaSalle Bank Midwest National Association, PNC Bank National Association, Commerzbank AG New York, Grand Cayman Branches for Comerica Bank, Huntington National Bank and Fifth Third Bank.

The unsecured financing consists of a three-year, $150-million, revolving credit facility, with an accordion feature for another $100 million of debt, plus a $100-million loan with a five-year term. The floating rate interest is Libor-based: 115 to 150 basis points for the revolving credit line and 130 to 165 points for the term loan. If the REIT wants, it can extend the revolving credit feature for an additional two years.

"We are very pleased with the continued support from our bank group, which is strengthened by the addition of a number of new members," Dennis Gershenson, president and CEO of Ramco-Gershenson says in a press release. "This unsecured facility, improved pricing and increased size of the new financing provides additional flexibility, which will be beneficial as we execute our business goals going forward."

Goals announced during the company's third-quarter conference call included further acquisitions and some development in 2006. Representatives from Ramco-Gershenson were unavailable for comment prior to publication time.