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Investors Real Estate boosts credit line; details recent deals

Nov. 04, 2014 5:11 PM ETCenterspace (CSR) StockBy: Stephen Alpher, SA News Editor
  • The new credit line is $90M vs. $75M previously, and it can be boosted to $100M at the lender's discretion. The facility is secured by mortgages on 15 properties owned by Investors Real Estate Trust (IRET). The initial term is for three years at the WSJ Prime Rate +1.25%, with a floor of 4.75% and a cap of 8.65%.
  • In other news, IRET recently closed on the sale of an 83-unit complex in St. Cloud, MN for $4.5M, and the sale of a 52K square foot commercial property in Montana for $1.9M.
  • Purchased is a 68-unit complex in Bismarck for $8.5M.
  • Source: Press Release

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