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HOUSTON-Camden Property Trust has closed a $420 million secured credit facility with Red Mortgage Capital Inc., a Fannie Mae DUS(R) lender.

The 10-year facility has a 5.12% fixed rate, with interest-only payment and matures on May 1, 2019. According to an announcement from the local REIT, the loan is secured by 11 multifamily properties.

The announcement further said that the credit facility is being used to pay down outstanding results under its revolving line of credit, and to retire existing debt. The company has already retired $46 million of secured mortgage debt scheduled to mature in early 2010.

Executives at Camden’s Q4 2008 earnings call in February said the company had $444 million available under its $600 million unsecured revolving line of credit, which has a January 2011 maturity date. The executives also said approximately $126 million of debt will mature this year, with $348 million scheduled to come due in 2010. Company president and trust manager D. Keith Oden said, at the time, that the Fannie Mae facility would be used to pay down outstanding debt.

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