Shopping center real estate investment trust Developers Diversified Realty Corp. has obtained $400 million of new first mortgage financing from an affiliate of Goldman, Sachs & Co.
The five-year loan is secured by a portfolio of 28 shopping centers. The company and Goldman Sachs say they are continuing to work with the Federal Reserve to make the newly originated loan eligible for the Term Asset-Backed Securities Loan Facility program.
Developers plans to use the proceeds from the financing to repay existing debt on certain properties in the portfolio, to repay other first-mortgage debt with near-term maturities and to reduce amounts outstanding on the company's revolving credit facilities.
Cleveland-based Developers Diversified Realty owns and manages around 690 retail operating and development properties in 45 states, as well as in Puerto Rico, Brazil and Canada, totaling around 151 million square feet, as of June 30.
SOURCE: Developers Diversified Realty