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.
Equity Residential
Marty McKenna, (312) 928-1901
