CHICAGO - Units of First Chicago Corp., Societe Generale, and Union Bank of Switzerland are leading a group of banks to expand a loan to First Industrial Realty Trust to $150 million from $100 million.
First Industrial is a real estate investment trust based in Chicago that acquired 33 properties, began development of four buildings, and expanded three other buildings in its first year as a public company.
The trust controls 21 million square feet of industrial space, primarily in the Midwest.
In announcing the expanded loan, which is earmarked for acquisitions, First Industrial said it has fixed the rate on $300 million of its permanent debt at 7% for the next six years. Previously the debt had a floating rate based on the London interbank offered rate, hedged with a 7.2% four-year cap contract.