Capital Automotive REIT, McLean, Va., has announced the execution of a $100 million construction credit agreement with General Motors Acceptance Corp.The one-year financing, renewable annually, will bear an interest rate at an undisclosed spread over the London interbank offered rate. The proceeds will be used to fund construction and improvement financing for existing tenants, the real estate investment trust said. CARS, which acquires real property and improvements used by operators of multifranchised automotive dealerships, can be found online at http://www.capitalautomotive.com.
Processing Content
