Bedford Property Investors Secures $48,500,000 Mortgage Financing.Business Editors LAFAYETTE, Calif.--(BUSINESS WIRE)--March 31, 2003 Bedford Property Investors, Inc. (NYSE NYSE See: New York Stock Exchange : BED) today announced that it obtained $48,500,000 of new first mortgage financing from Teachers Insurance and Annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. Association of America. The financing consists of a ten-year loan at a fixed interest rate of 5.60%. The loan is collateralized by five properties located in California. Proceeds from the mortgage financing were used to pay down a portion of the outstanding balance of the Company's lines of credit and replace an $18,000,000 mortgage from The Prudential Insurance Company of America, which matured in March 2003 and carried a fixed interest rate of 7.02%. 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. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion