ATLANTA - IRT Property Co., a real estate investment trust, said it has completed a $50 million, five-year loan agreement with NationsBank of Georgia.

The loan replaces an existing $25 million revolving credit with the same unit of NationsBank Corp., Charlotte, N.C.

IRT, which invests in southeastern shopping centers, said the new agreement allows it to make prepayments and to reborrow at any time up to the $50 million ceiling. The interest rate for each advance may be designated by IRT at the prime rate or based upon other indexes.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.