Chambers Street Properties gets $120 million term loan via Capital One

By Toni Weeks

San Luis Obispo, Calif., Sept. 17 - Chambers Street Properties and CSP Operating Partnership, LP entered into a $120 million unsecured term loan with Capital One, NA on Sept. 12, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The loan matures on Jan. 31, 2021.

Upon closing the loan, the operating partnership entered into an interest rate swap agreement with Capital One to fix the interest rate at 4.42125% per year based on the loan's applicable margin, which may vary from a 20 basis point reduction to a 35 bps increase depending on the leverage ratio, or from a 55 bps reduction to a 25 bps increase based upon the credit rating.

Most of the proceeds will be used to repay a portion of borrowings under the companies' credit agreement dated Sept. 13, 2012 and amended March 7, 2013.

The Princeton, N.J.-based company, formerly known as CB Richard Ellis Realty Trust, is a real estate investment trust.

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