The term of the loan is 11.5 years. The all-in effectiveinterest rate is nearly 5.5% with 10.5 years of the term at a fixedrate and the last year at a floating rate.
"We are pre-funding our 2008 maturities. During this calendaryear we have $500 million worth of debt coming due," Parrell says."The reason we did this is given the uncertainty in the capitalmarkets, we thought it prudent." The collateral for the loan is 13properties, with the ability to change properties or release themwith certain conditions. Equity Residential has $1.4 billion ofunsecured revolving credit and approximately $500 million ofunrestricted cash. The company owns, or has an investment in, 569properties with a total of 150,162 apartment units.
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