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| AmeriCold completes $1.05 billion of mortgage financing Vornado Realty Trust, Crescent Real Estate Equities Company and The Yucaipa Companies LLC announced that Americold Realty Trust ("AmeriCold") has completed a 5.45% fixed-rate, interest-only financing in an aggregate principal amount of $1.05 billion which matures in approximately equal tranches in seven, nine and ten years. The proceeds were used to repay $449 million of fixed-rate mortgages with a rate of 6.89% and a $430 million mortgage with a variable rate of LIBOR plus 1.25% (6.57% at closing). The mortgages that were repaid were collateralized by 84 temperature-controlled warehouses which were released upon repayment. 50 of the warehouses are used to collateralize the new loan. The net proceeds was approximately $191 million, including the release of escrow reserves and after defeasance and closing costs. Vornado, Crescent and Yucaipa will receive distributions of $88 million, $59 million and $38 million, respectively, from a portion of the net proceeds. AmeriCold is owned 47.6% by Vornado Realty Trust, 31.7% by Crescent Real Estate Equities Company, and 20.7% by The Yucaipa Companies LLC, and is the largest third-party provider of temperature-controlled warehouse space in North America. write your comments about the article :: © 2006 Construction News :: home page |