Colonial Realty LP, the operating partnership of Colonial Properties Trust, Birmingham, Ala., has closed a $320 million unsecured revolving line of credit.The three-year credit line, which has a one-year extension option, replaces the company's $300 million revolving credit facility. The interest rate is based on a spread over the London interbank offered rate calculated from a pricing grid based on the company's unsecured debt ratings, Colonial Properties said. The bank lending group was led by SouthTrust Bank. Colonial Properties, a real estate investment trust that owns multifamily, office, and retail properties in the South and in Texas, can be found on the Web at http://www.colonialprop.com.
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