Boykin Lodging Co., Cleveland, has closed a three-year, $78 million revolving line of credit secured by seven properties owned by the real estate investment trust.The facility has a floating interest rate initially set at 3.75% over the London interbank offered rate, Boykin said. The hotel REIT has drawn $74 million under the new line to repay its senior secured line of credit and a $45 million term loan with an outstanding balance of $42 million. Boykin can be found on the Web at http://www.boykinlodging.com.
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