IRT PROPERTY COMPANY COMPLETES $79 MILLION REVOLVING CREDIT LOAN AND FIRST MORTGAGE FINANCING WITH NATIONSBANK OF GEORGIA, N.A.
IRT PROPERTY COMPANY COMPLETES $79 MILLION REVOLVING CREDIT LOAN AND FIRST MORTGAGE FINANCING WITH NATIONSBANK OF GEORGIA, N.A. ATLANTA, Aug. 5 /PRNewswire/ -- IRT Property Company (NYSE: IRT), the southeastern shopping center REIT, today announced the completion of a $50 million, five-year loan agreement with NationsBank of Georgia, N.A. This loan, which was arranged through the NationsBank Real Estate Banking Group, replaces an existing $25 million revolving loan with the same bank. This new loan permits IRT to make prepayments and to re-borrow at any time during the term of the loan up to the $50 million ceiling. The interest rate for each advance under the loan may be designated by IRT at the prime rate or based upon other indexes. At the same time, IRT announced that NationsBank of Georgia, N.A. provided first mortgage financing in the total amount of $29,300,000 on three of the shopping centers included in the recent portfolio acquisition of 10 southeastern shopping centers from Sofran Company. The interest rate on these loans is fixed for five years with an option for IRT to extend for an additional two years. A self-administered equity real estate investment trust (REIT), IRT is the largest REIT specializing in southeastern United States shopping centers. Anchor tenants include Harris Teeter, Wal-Mart, Ingles and other popular national and regional chain stores. The portfolio of 101 investments represents in excess of 6.8 million square feet of retail space. -0- 8/5/92 /CONTACT: Mary M. Thomas, executive vice president of IRT Property, 404-955-4406/ (IRT NB) CO: IRT Property Company; NationsBank of Georgia, N.A. ST: Georgia IN: SU:
BR-EA -- AT004 -- 6974 08/05/92 09:52 EDT
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|Date:||Aug 5, 1992|
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