Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Crystal Proenza is associate editor of Real Estate Florida.)

NORTH MIAMI BEACH, FL-Equity One Inc. has closed a $227-million unsecured revolving credit facility with Wells Fargo Bank serving as administrative agent and sole lead arranger. The three-year term loan has a one-year extension option and an accordion feature that can expand the facility to $400 million. Calls to Equity One for further comment were not returned Monday.

According to a press release, borrowings under the facility are priced at Libor plus 140 basis points, based on the company’s current credit ratings. Other lenders participating in the credit facility are SunTrust Bank as syndication agent, PNC Bank and Bank of America as co-documentation agents, Raymond James Bank, JPMorgan Chase Bank, Branch Banking & Trust Company and Israel Discount Bank of New York City.

In related news, Equity One has also closed on a $65-million non-recourse mortgage loan for a 504,495-sf shopping center it owns in Hollywood, FL. Sheridan Plaza is located at 4800 Sheridan St. and is anchored by Publix and Kohl’s, with several other national tenants. The term of the loan is fixed for 10 years at 6.25% with 30-year amortization.

“Our recent capital transactions have strengthened our already healthy balance sheet,” Jeff Olson, the company’s CEO, stated in a release. “We have over $400 million in available liquidity. This enhanced balance sheet, full availability under our line of credit, and our access to joint venture and other sources of capital should enable us to take advantage of a growing number of investment opportunities.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.