Bedford snags $21.8M loan
San Francisco Business Times
Lafayette-based Bedford Property Investors Inc. said Tuesday that it has secured $21.8 million in first mortgage financing from Union Bank of California.
The loan is a renewal of an existing mortgage with the same lender. The new loan is for three years and has a floating interest rate of LIBOR -- the London Interbank Offered Rate, which stood at 2.19 percent on Monday -- plus 160 basis points.
The old loan, which had an outstanding balance of $14 million and a maturity date of Jan. 2, carried a significantly higher fixed interest rate of 7.5 percent.
Nine California properties were used as collateral for the loan.
Proceeds from the mortgage financing were used to pay off the expiring mortgage and to pay down the outstanding balance of the company's $150 million line of credit.
Bedford, a real estate investment trust, concentrates on suburban office buildings and warehouses in the western United States.
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