Developers Diversified closes on $400M financing
Developers Diversified Realty completes $400 million, 5-year mortgage financing
- On 4:32 pm EDT, Thursday October 8, 2009
CLEVELAND (AP) -- Developers Diversified Realty Corp. said Thursday it closed on a $400 million, five-year loan.
The mortgage financing from Goldman Sachs Commercial Mortgage Capital is secured by a portfolio of 28 shopping centers owned by the real estate investment trust.
The company and Goldman Sachs are working with the Federal Reserve to make the new loan eligible for the government's term asset-backed securities loan facility, or TALF, program.
The REIT said it will use the proceeds to repay various existing debt.
Developers Diversified shares closed Thursday up 43 cents at $9.44. Shares have moved between $1.38 and $25.21 in the past 52 weeks.
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