East Garrison gets $75 million revolver

By Sara Rosenberg

New York, Feb. 8 - East Garrison Partners I closed on a new $75 million revolving credit facility due Jan. 30, 2011, according to an 8-K filed with the Securities and Exchange Commission Thursday.

Residential Funding Company, LLC is the lender.

Pricing on the revolver is Prime plus 50 basis points.

After Jan. 30, 2009, the revolver size will reduce to $35 million and after Jan. 30, 2010 it will reduce to $15 million.

Proceeds will be used to finance the acquisition and development of a residential housing community known as East Garrison.

The revolver was completed on Feb. 2, but is effective as of Jan. 30.

East Garrison is a wholly-owned subsidiary of William Lyon Homes, Inc., a Newport Beach, Calif., single-family homebuilder.

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