This three-year term loan was obtained from five major bankinginstitutions, including two new lending relationships for the firm,according to the release. The facility is secured by the privateequity firm's 3.4 million square feet of industrial propertiesacross the US.
"Securing this funding has enabled us to remove four short-termmaturities from our debt portfolio while providing extra liquidityto KIF's balance sheet in the formof additional cash and extraborrowing capacity," Lloyd says in the release.
Banc of America Securities and the Royal Bank of Canada are thejoint lead arrangers in the facility, with US Bank, Capital OneBank and Fifth Third Bank each holding significant participationamounts. KTR says the loan will finance a portfolio of KIF'sdevelopment projects and acquisitions in the Los Angeles, Chicago,Miami and Harrisburg markets.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
