Equitable RE completes securitized refinancing

Real Estate Weekly, April 21, 1993

Equitable Real Estate Investment management, Inc. announced that it has completed a $315 million securitized refinancing of a single-client pension fund separate account secured by interests in 12 regional mall properties and one community shopping center. The proceeds will be used to retire higher cost debt and to expand and renovate the properties.

The S&P and Moody's Triple A-rated issue was structured by Equitable Real Estate and underwritten by kidder Peabody. The offering of seven-year floating-rate LIBOR notes was sold primarily in Europe.

Equitable Real Estate manages the separate account for a major corporate pension client. Among the properties involved in the transaction are Granite Run Mall in Middleton, Pennsylvania, Empire Mall in Sioux Falls, South Dakota, Southpark Mall in Moline, Illinois, and Eastland Mall in Evansville, Indiana.