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DENVER–AmeriVest Properties Inc., a national real estate investment trust that exclusively serves the small- and medium-sized tenant market, has entered into an agreement with KeyBank to serve as administrative agents for AmeriVest’s unsecured revolving credit facility. KeyBank assumed and amended the unsecured credit facility of $30 million from Fleet Bank of Boston, a Bank of America company.

The amended KeyBank unsecured facility has been increased from to $40 million from $30 million and the maturity date extended from November 2005 to November 2007. The amended unsecured facility has the option of a one-time increase to $50 million, available up to Dec. 31, 2005. In addition, the original provision of the unsecured facility which required an annual 30-day pay down to zero has been modified to a pay down to $20 million with the additional option, at the agent’s discretion, of a 90-day extension.

The amendment to the unsecured facility changes the interest rateoptions to Libor plus 350 basis points–from Libor plus 400 basis points–or the KeyBank Prime Rate Spread of prime plus 275 basis points, from prime plus 250. The previous annual facility fee has been removed and replaced with a one-time commitment fee that will be capitalized and amortized to interest expense over the life of the loan agreement.

AmeriVest is currently negotiating a similar agreement with KeyBank onits secured credit facility. “We are pleased to enter into this newrelationship with KeyBank and believe the loan restructuring allows usincreased capacity and flexibility at a more attractive price,” says Charles Knight, president and chief operating officer of AmeriVest. “KeyBank has been responsive to our needs and we feel they will be a valuable business partner to AmeriVest as we continue to grow.”

AmeriVest provides what it calls “Smart Space of Small Business” services in Denver, Phoenix, Dallas and Indianapolis.

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