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LAFAYETTE, CA-Bedford Property Investors Inc. is using $18 million in new first mortgage financing from Washington Mutual. The money is being used to pay down the outstanding balance of the Company’s $150 million line of credit.

The financing consists of a five-year loan, bearing interest at a floating rate of a trailing one-year treasury plus 260 basis points. The loan is secured by a property located in Orillia, WA.

Bedford Chairman and Chief Executive Officer Peter B. Bedford says the financing allows the company to better and more efficiently address changes in market conditions and continue its investments in service center flex and high tech flex properties in the western United States.”

In afternoon trading Friday, share of Bedford were trading for $20.78, off 13 cents from Thursday’s close and off 57 cents from it’s 52-week high reached July 24. Its 52-week low is $18.

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