COUSINS PROPERTIES CLOSES FINANCING.ATLANTA--(BUSINESS WIRE)--Dec. 23, 1996--Cousins Properties Incorporated (NYSE NYSE See: New York Stock Exchange : CUZ CUZ Because cuz Cousin CUZ Cuzco, Peru - Tte Velazco Astete (Airport Code) ) announced today that Wildwood Wildwood, city (1990 pop. 4,484), Cape May co., SE N.J., on an island off Cape May; settled 1882, inc. as a city 1911. It has large commercial fisheries and is a popular summer seaside resort with many vintage motels and other buildings from the 1940s–60s. Associates, Cousins' joint venture with IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) Corporation, closed a $70 million loan secured by its 3200 Windy Ridge Parkway office building. The loan was made by Teachers Insurance and Annuity Association, has a 10-year term, and carries an interest rate of 8.22%. The office building, which is located in the Wildwood Office Park in northwest Atlanta, contains 681,000 square feet and is 97% leased. The financing proceeds were used to pay off Wildwood Associates' short term debt of approximately $45 million. The balance of the proceeds will be used for completion of the 4200 Wildwood Parkway office building, a 250,000 square foot project scheduled for completion in early Summer 1997, and for partnership working capital and distributions. CONTACT: Cousins Properties Peter A. Tartikoff, Senior Vice President and CFO See Chief Financial Officer. , 770/857-2384 or Mark B. Riley, Vice President, Investor Relations, 770/857-2507 |
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