LNR Property has obtained a senior secured credit facility worth $365 million. The new loan comprises of a $325 million term loan B, due in 2016 and a $40 million revolving credit facility that will mature in 2014.
The Miami Beach-based real estate development and investment firm will use the proceeds to refinance its existing senior credit facilities, combined with cash on hand. The joint lead arrangers and joint book-runners for the transaction were Goldman Sachs and Bank of America Merrill Lynch.
Click here for the release from PR Newswire.