Kite Realty obtains $87.23 million secured facility due 2016

By Marisa Wong

Madison, Wis., Dec. 2 - Kite Realty Group Trust's subsidiary, Kite Realty Group, LP, entered into a secured loan agreement with Huntington National Bank as administrative agent on Nov. 22 for an up to $87,225,000 facility, according to an 8-K filing with the Securities and Exchange Commission.

The facility has an initial maturity date of Nov. 21, 2016 but may be extended once by 48 months to Nov. 21, 2020.

Borrowings bear interest at Libor plus 210 basis points initially, stepping down to Libor plus 195 bps upon meeting requirements such as lien-free construction completion.

Monthly interest-only debt service payments begin on Dec. 1. Following the initial maturity date, the company will be required to make monthly payments of principal and interest.

The facility may be prepaid in part or in full at any time and without penalty.

Proceeds from the facility will be used for the construction and development of Parkside Town Commons, a retail center located in Cary, N.C.

The real estate investment trust is based in Indianapolis.

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