UDR, Inc. Announces Second Draw of $89 Million on Fannie Mae Credit Facility
DENVER--(BUSINESS WIRE)--UDR, Inc. (NYSE: UDR) today announced the terms of the second draw on its recently closed $200 million secured credit facility with Fannie Mae (NYSE:FNM) in the amount of $89 million. The 10-year, interest only debt has a fixed annual interest rate of 5.16% and is expected to close on November 2, 2009.
Proceeds from the draw will be used to prepay secured debt, including certain yield maintenance fees, maturing in 2010 leaving only $10 million of secured debt maturing in that year. This financing is consistent with UDR’s plan to ladder its debt maturity to ensure balance sheet flexibility.
About UDR, Inc.
UDR is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate properties in targeted U.S. markets. As of August 1, 2009, UDR owned 44,990 apartment homes and had 1,916 homes under development. For over 37 years, UDR has delivered long-term value to shareholders, the best standard of service to residents, and the highest quality experience for associates. Additional information can be found on the Company's website at www.udr.com.