Bedford Property Investors Secures $22,600,000 Mortgage Financing.Business Editors LAFAYETTE, Calif.--(BUSINESS WIRE)--Oct. 8, 2002 Bedford Property Investors, Inc. (NYSE NYSE See: New York Stock Exchange :BED) today announced that it obtained $22,600,000 of new first mortgage financing from Nationwide Life Insurance Company. The financing consists of a nine-year loan at a fixed interest rate of 4.61% for the first three years, which will be reset in years three and six. At the time of each rate reset, the Company has the option to pay off the loan without penalty. The loan is collateralized by three properties located in Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). . Proceeds from the mortgage financing were used to pay down a portion of the outstanding balance of the Company's $150 million line of credit. 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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