Equitable RE completes securitized refinancing.Equitable Real Estate Investment management, Inc. announced that it has completed a $315 million securitized securitized Of, related to, or being debt securities that are secured with assets. For example, mortgage purchase bonds are secured by mortgages that have been purchased with the bond issue's proceeds. refinancing of a single-client pension fund separate account secured by interests in 12 regional mall properties and one community shopping center. The proceeds will be used to retire higher cost debt and to expand and renovate the properties. The S&P and Moody's Triple A-rated issue was structured by Equitable Real Estate and underwritten by kidder Peabody. The offering of seven-year floating-rate LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). notes was sold primarily in Europe. Equitable Real Estate manages the separate account for a major corporate pension client. Among the properties involved in the transaction are Granite Run Mall The Granite Run Mall is a double-level shopping mall located on U.S. Route 1 in Media, Pennsylvania, a western suburb of Philadelphia. It opened in 1974 and was renovated/expanded in 1993. in Middleton, Pennsylvania, Empire Mall in Sioux Falls, South Dakota Sioux Falls (IPA: [su fɑlz]) is the largest city in the U.S. state of South Dakota, and the county seat of Minnehaha County.GR6 The 2007 city population is 148,000. , Southpark Mall in Moline, Illinois, and Eastland Mall in Evansville, Indiana. |
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