Koll/PER has arranged the senior secured revolving credit linefrom a lending group headed by KeyBank Real Estate Capital, whichserved as the lead arranger and administrative agent with US Bankas participant. Spurgiasz calls the credit line a significantachievement in light of credit markets that "are at a nearstandstill." He attributes the JV's success in arranging the creditline to Koll's long history in real estate investment and itsstrategy of acquiring a mix of multi-tenant office and industrialproperties in key markets in the Central and Western US." Koll wasfounded in 1962 and has developed more than 90 million square feetof office, industrial and retail space.

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According to John Woo, senior vice president and head ofacquisitions for the Koll Co., the new credit line will enhanceKoll/PER's capabilities in acquiring multi-tenant office andindustrial properties in Koll's target regions—California,Washington, Oregon, Arizona, Nevada, Colorado and Texas. The lineof credit enables the joint venture to close transactions quicklyto meet deadlines and also provides flexibility in structuring debtfor the deals, he says.

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In addition to the 5.4 million square feet of existingmulti-tenant, light industrial and suburban/garden office spacethat Koll owns and manages, it has an additional 1.15 millionsquare feet in various stages of development, including twoindustrial and three office projects. In addition to its industrialand office properties, the company is developing Hacienda, anoceanfront community of 239 full-ownership homes in Cabo San Lucas,Mexico.

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