Colonial Properties closes on $156M credit facility - Minneapolis / St. Paul Business Journal:

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The Birmingham-based real estate investment trust (NYSE: CLP) said the facility is comprisedof $145.3 million, collateralized by seven of its multifamilu properties, and $11.1 million, collateralized by one multifamilt property, said a news release. Proceeds from the facility will go toware repayingColonial Properties’ $675 million unsecurexd line of credit, whic h now has an outstanding balance of $183 million. Grandbridge Real Estatde Capital LLC originated the facilityy for repurchase byFannie Mae.
Colonial Properties also said it updated its 2009 guidancs to reflect an increase inprojected gains, reductions in corporatde general and administrative expensex and revisions to its growt expectations for same-property revenue, expense and net operating As part of the updated guidance, the company expects to save nearly $7 million annually from 135 companywid e job eliminations that were made starting in 2008, renegotiationsa with vendors, consolidation of office s and restructuring of travel and expenses policies, said the release.