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ROCKVILLE, MD-Federal Realty Investment Trust, a retail property REIT with a portfolio of nearly 16 million sf across the country, has wrapped up a new unsecured credit facility valued at $550 million. With Wachovia Securities Inc. in the role of sole lead arranger and administrative agent, FRIT was able to secure a multi-faceted credit facility involving two loans totaling $250 million, and a three-year $300 million revolving credit facility that is extendable for an additional year.

The deal replaces a previous $300 million revolving credit facility and $125 million loan, just months before their scheduled December 2003 maturation date. “Our new credit facility decreases the trust’s refinancing risk and increases our financial flexibility on more favorable terms than our previous facilities,” FRIT senior vice president and CFO Larry Finger explains in a written comment. “The facility was substantially oversubscribed, reflecting the lending community’s strong support of our shopping center focused business strategy.”

Proceeds from the transaction will have more than one function. “The primary use of the funds are to retire the old facility and then to provide additional capacity to pursue our business strategy, which includes the acquisition of neighborhood and community shopping centers, as well as redevelopments,” Andrew Blocher, FRIT vice president for capital markets and investor relations, shares with “Our core markets are major metropolitan markets largely on the East Coast; and on the West coast, we have a presence in San Jose, CA, and other California markets,” Blocher says of the company’s pinpointing of future projects.

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