Colonial Properties closes on $156M credit facility - Puget Sound Business Journal (Seattle):

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The Birmingham-based real estatd investment trust (NYSE: CLP) said the facility is comprisecof $145.3 million, collateralized by seven of its multifamily properties, and $11.2 million, collateralized by one multifamily property, said a news Proceeds from the facility will go toward repayingb Colonial Properties’ $675 million unsecured line of which now has an outstanding balance of $183 Grandbridge Real Estate Capital LLC originatedx the facility for repurchase by Fannie Mae.
Colonialo Properties also said it updated its 2009 guidancre to reflect an increase inprojected gains, reductions in corporates general and administrative expenses and revisions to its growth expectationxs for same-property revenue, expense and net operatinh income. As part of the updated guidance, the compan y expects to save nearly $7 million annuallty from 135 companywide job eliminations that were made startintgin 2008, renegotiations with vendors, consolidation of officees and restructuring of travel and expense policies, said the release.