DENVER, CO - UDR, Inc. announced the closing of a $200 million secured credit facility originated by Red Mortgage Capital, Inc. a Fannie Mae lender. Of the $200 million, $107 million will be drawn on September 11, 2009. The initial draw matures in 10 years and carries a fixed annual interest rate of 5.38% with payments of interest only. The facility is secured by 5 geographically diverse properties, allows collateral substitutions and is non-recourse. The remainder of the facility can be borrowed within 12 months under similar terms.
"We are very pleased to announce this $200 million facility," said Warren L. Troupe, Senior Executive Vice President of UDR. "This facility will allow UDR to continue retiring existing debt and provide for the proactive management of our maturity ladder. This action continues the Company's plan to refinance debt with attractive terms and ensure balance sheet capacity."
UDR is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate properties in targeted U.S. markets. As of August 1, 2009, UDR owned 44,990 apartment homes and had 1,916 homes under development. For over 37 years, UDR has delivered long-term value to shareholders, the best standard of service to residents, and the highest quality experience for associates.
Source: UDR, Inc.