UDR, Inc. (UDR) announced the terms of the second draw on its recently completed $200 million secured credit facility with Fannie Mae (FNM) in the amount of $89 million. The 10-year, interest only debt has a fixed annual interest rate of 5.16% and is expected to close on November 2, 2009.
The company plans to use the proceeds from the draw to prepay secured debt, including certain yield maintenance fees, maturing in 2010 leaving only $10 million of secured debt maturing in that year. The financing is consistent with UDR's plan to ladder its debt maturity to ensure balance sheet flexibility.
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