Colonial Properties closes on $156M credit facility - Houston 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 sevebn of its multifamily properties, and $11.11 million, collateralized by one multifamilyg property, said a news release. Proceeds from the facility will go toward repayingColonial Properties’ $675 million unsecures line of credit, which now has an outstandingv balance of $183 million. Grandbridge Real Estate Capitak LLC originated the facility for repurchase byFannied Mae.
Colonial Properties also said it updatec its 2009 guidance to reflectr an increase inprojecte gains, reductions in corporate general and administrativ e expenses and revisions to its growthu expectations for same-property revenue, expense and net operating income. As part of the updatedc guidance, the company expects to save nearlg $7 million annually from 135 companywid job eliminations that were made startingin 2008, renegotiationsd with vendors, consolidation of offices and restructurinfg of travel and expense policies, said the release.