Donahue Schriber Closes $700M LOC

Donahue Schriber, a private real estate investment trust based in Costa Mesa, Calif., has announced the closing of a new $700 million secured line of credit.The new facility increases available borrowings by $225 million and reduces the interest rate by 30 basis points, the REIT said. "Our development and acquisition activity in California, Nevada, and Arizona totals $475 million, and the tremendous support we have received from the banks involved will allow us to continue our growth," said Lisa Hirose, Donahue Schriber's chief financial officer. The facility was arranged by Banc of America Securities. The company can be found online at http://www.donahueschriber.com.