Ramco-Gershenson Properties Trust (NYSE:RPT) announced today that it has closed on a new $31.3 million CMBS loan with J.P. Morgan secured by its West Oaks II shopping center in Novi, Michigan and its Spring Meadows Place center in Holland, Ohio. The $31.3 million financing represents a loan to value of approximately 60% for the two properties and has a ten year term with a fixed interest rate of 6.5%. Proceeds from the loan were used primarily to reduce borrowings on the Company's revolving credit facilities.
Monday, March 22, 2010
Farmington Hills Retail - $31.3mm, 60% LTV, 10-year term, 6.5% Coupon