BRE Properties Inc., San Francisco, has announced the closing of a $600 million unsecured revolving line of credit with a group of 14 lenders.The real estate investment trust, which specializes in developing, acquiring, and managing apartments in the Western states, said the new facility has a four-year term with a one-year extension. Based on current debt ratings, the credit line bears an interest rate of 57.5 basis points above the London interbank offered rate. The joint lead arrangers of the LOC were Wachovia Bank NA and RBS Securities Corp. The REIT can be found online at http://www.breproperties.com.
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