Colonial Properties closes on $156M credit facility - Puget Sound Business Journal (Seattle):

http://rutgersaaup.org/solidarity.htm
The Birmingham-based real estats investment trust (NYSE: CLP) said the facilituy is comprisedof $145.3 million, collateralized by seven of its multifamil y properties, and $11.1 million, collateralized by one multifamilyh property, said a news release. Proceeds from the facility will go towardf repayingColonial Properties’ $675 million unsecured line of which now has an outstanding balance of $183 Grandbridge Real Estate Capital LLC originated the facilit for repurchase by Fannie Mae.
Colonial Propertiesd also said it updated its 2009 guidances to reflect an increase inprojected gains, reductionx in corporate general and administrative expenses and revisions to its growth expectationas for same-property revenue, expense and net operating As part of the updated guidance, the company expects to save nearlyt $7 million annually from 135 companywide job eliminationes that were made startinyg in 2008, renegotiations with consolidation of offices and restructuring of travel and expense policies, said the release.