Equity Lifestyle's Big Refi
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Chicago-based mobile-home park owner Equity Lifestyle Properties (HQ above at 2 N Riverside Plaza) announced a $435M refi yesterday, using today's bargain-basement interest rates to reduce the REIT's overall cost of debt to 5.3% and extend average maturities beyond seven years. (We don't want to rush anything out before it has proper manners.) The new loans, from institutional lenders, will be secured by mortgages on 25 manufactured home and RV properties, with an expected interest rate of 4.3% and an average maturity of 18 years. With the cash infusion, the company plans to restructure its maturities so no more than $300M in debt matures each year, according to CEO Marguerite Nader. (This article just set a world record for use of the word "mature." We won't gloat, since that wouldn't be mat... polite.)
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