Ramco-Gershenson Completes CMBS Financing

Ramco-Gershenson Properties Trust, a publicly traded real estate investment trust based in Farmington Hills, Mich., has closed on a new $31.3 million commercial mortgage-backed securities (CMBS) loan with J.P. Morgan secured by its West Oaks II shopping center in Novi, Mich., and its Spring Meadows Place center in Holland, Ohio.

The $31.3 million financing represents a loan-to-value ratio of approximately 60% for the two properties and has a 10-year term with a fixed interest rate of 6.5%. Proceeds from the loan were used primarily to reduce borrowings on Ramco-Gershensons' revolving credit facilities, the company says.

‘This loan is one of the first CMBS transactions to be completed this year and highlights that long-term, attractively priced capital is available for quality assets in strong markets,’ says Dennis Gershenson, the trust's president and CEO.

SOURCE: Ramco-Gershenson Properties Trust


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