REIT Obtains New Credit Facility

Associated Estates Realty Corp., Richmond Heights, Ohio, has announced the replacement of two smaller secured lines of credit with a $100 million senior unsecured revolving credit facility.The three-year facility's initial interest rate will be the London interbank offered rate plus 160 basis points, but the rate can be higher or lower depending on various financial ratios, the real estate investment trust said. National City Bank was the lead arranger and administrative agent for the facility. The multifamily REIT can be found online at http://www.aecrealty.com.