Bedford Property Investors Secures $21,300,000 Mortgage Financing.Business Editors LAFAYETTE, Calif.--(BUSINESS WIRE)--Nov. 10, 2003 Bedford Property Investors, Inc. (NYSE NYSE See: New York Stock Exchange : BED) today announced that it obtained $21,300,000 of new first mortgage financing from Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. . The financing consists of two ten-year loans: -- a $9,900,000 loan at a fixed-rate of 5.45%, collateralized by an office property in Washington; and -- a $11,400,000 loan at a fixed rate of 5.55%, collateralized by an office property in Colorado. Proceeds from the mortgage financing were used to pay down a portion of the outstanding balance of the Company's line of credit syndicated by Bank of America, which carries a variable rate. Bedford Property Investors is a self-administered equity real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) with investments in suburban office buildings and industrial properties concentrated in the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . It is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. and the Pacific Exchange under the symbol "BED" and its web site is www.bedfordproperty.com. |
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