Associated Estates gets $100 million revolver

By Sara Rosenberg

New York, April 25 - Associated Estates Realty Corp. closed on a new $100 million three-year senior unsecured revolving credit facility, according to a company news release.

National City Bank acted as the lead arranger and administrative agent on the deal. Other participating banks were Wells Fargo, Raymond James Bank, FSB and The Huntington National Bank.

The revolver carries an initial interest rate of Libor plus 160 basis points.

Proceeds were used to refinance two smaller secured lines of credit.

"This unsecured line gives us greater financial flexibility to execute our strategic plan to rebalance our portfolio into higher growth markets," said Lou Fatica, chief financial officer, in the release.

Associated Estates is a Richmond Heights, Ohio, real estate investment trust.

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