First Union National Bank of North Carolina and Wachovia Bank of North Carolina are jointly funding a $150 million revolving line of credit to Summit Properties Inc.

In a press release, the apartment development company said the three- year unsecured line of credit would initially bear interest at the London interbank offered rate plus 110 basis points, with an adjustment feature that will reduce the spread over Libor to 95 basis points upon achievement of a BBB credit rating, with a further reduction to 80 basis points upon achievement of a BBB-plus credit rating.

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