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RICHMOND-Multifamily real estate firm United Dominion Realty Trust, Inc (USDR) has secured a Fannie Mae Revolving Credit Facility for $400 million. The company will use the facility – acquired through ARCS Commercial Mortgage Co., LP — to refinance debt on about 30 USDR properties.

In a statement, company Executive Vice President Ella S. Neyland explains that “with interest rates at the lowest levels in forty years, we saw an opportunity to refinance a significant portion of our secured loans in a manner that increased earnings, improved our Fixed Charge Coverage Ratio and extended maturity schedules thereby mitigating refinancing risks in the next several years.” The facility is for a 10-year term, but USDR has the option to extend it for up to five years. USDR expects the value of the refinancing to be anywhere from $20-25 million. Currently the company has a stake in about 76,000 unites and has 800 more under construction.

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