Ramco-Gershenson Properties Trust closed on a new $31.3 million CMBS loan with JPMorgan secured by its West Oaks II shopping center in Novi, Michigan and its Spring Meadows Place center in Holland, Ohio.
The $31.3 million financing represents a loan to value of approximately 60% for the two properties and has a ten-year term with a fixed interest rate of 6.5%.
Proceeds from the loan were used primarily to reduce borrowings on the firm's revolving credit facilities.
"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," said Dennis Gershenson, president and CEO. "This new financing will improve our flexibility in executing our 2010 business plan."