Kramont Realty Trust, Plymouth Meeting, Pa., has closed a $100 million senior secured revolving credit facility and made an initial borrowing of approximately $68 million.The maximum amount of the three-year facility may be increased to $125 million, the real estate investment trust said. The facility refinances $56.8 million in a GMAC Commercial Mortgage Corp. facility that would have matured in August 2003, and bears an interest rate of 175-225 basis points over the one-month London interbank offered rate. Fleet Securities Inc. is the sole lead arranger and bookrunner of the facility, and Fleet National Bank is the administrative agent. The equity REIT can be found online at http://www.krt.com.
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