Equity Residential Closes $550 Million Secured Loan

CHICAGO--(BUSINESS WIRE)--Equity Residential (NYSE: EQR) today announced that the company closed a $550 million secured loan originated by Wells Fargo (NYSE: WFC) for repurchase by Fannie Mae (NYSE: FNM). The loan is interest only and matures in 11.5 years with the first 10.5 years fixed and the final year at a floating rate of interest. The all-in effective interest rate is approximately 6%. The loan is collateralized with fifteen geographically diverse properties and allows for collateral substitutions and releases upon certain conditions. The company currently has approximately $870 million of unrestricted cash, inclusive of these loan proceeds and approximately $1.4 billion available on its unsecured revolving credit facility.

Equity Residential is an S&P 500 company focused on the acquisition, development and management of high quality apartment properties in top U.S. growth markets. Equity Residential owns or has investments in 563 properties totaling 150,397 units in 23 states and the District of Columbia. For more information on Equity Residential, please visit our website at www.equityresidential.com.