"This credit facility puts our Opportunity REIT I in a strong position to continue pursuing its strategic goals for value creation," Robert M. Behringer, founder and CEO of the Dallas-based investment group, says in this morning's press release. The new fuel also will be used to fund the REIT's cap-ex program in its 20-asset portfolio, a 1.9-million-sf mix of office, resort, student housing and mixed-use space plus its under-development land for residential and industrial projects.

Fifth Third Bank and BMO Capital Markets Financing Inc. are co-lenders. Bank of America is the administrative agent. Bank of America Securities was the lead arranger of the transaction.

In the past week, Behringer Harvard also priced a $100-million offering for Opportunity REIT II Inc. In the SEC filing, the REIT has tagged the stock at $10 per share, with discounts for buying 50,000 shares or more. Another 25 million shares of common stock in the distribution reinvestment plan is $9.50 per share. Opportunity REIT II is structure much like the first one. However, the REIT reported that some offering proceeds may be used to acquire vacant land for future buildings or properties for redevelopment. According to the May 30 post-effective amendment, there are no properties under contract.