United Dominion Closes on LOC

United Dominion Realty Trust Inc., Richmond, Va., has closed on a new $500 million unsecured revolving credit facility.The three-year facility replaces the company's $375 million unsecured revolver and a $100 million unsecured term loan, United Dominion said. The company said it has the option of increasing the facility to $650 million if additional lender commitments are obtained, and the facility can be extended for one year. The facility bears an interest rate of 90 basis points above the London interbank offered rate, a reduction of 20-30 bps from its previous pricing on the revolver and term loan, the company said. The facility was arranged by Wachovia Securities Inc. and J.P. Morgan Securities Inc. United Dominion, a multifamily real estate investment trust, can be found online at http://www.udrt.com.