In a statement, company Executive Vice President Ella S. Neylandexplains that "with interest rates at the lowest levels in fortyyears, we saw an opportunity to refinance a significant portion ofour secured loans in a manner that increased earnings, improved ourFixed Charge Coverage Ratio and extended maturity schedules therebymitigating refinancing risks in the next several years." Thefacility is for a 10-year term, but USDR has the option to extendit for up to five years. USDR expects the value of the refinancingto be anywhere from $20-25 million. Currently the company has astake in about 76,000 unites and has 800 more underconstruction.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
