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Comforia Residential REIT secures ¥12.34B of loans

Comforia Residential REIT Inc. secured three long-term loans totaling ¥12.34 billion to help pay for its ¥6.31 billion acquisition of three assets in Tokyo and to repay loans due March 30.

The unsecured and unguaranteed loans, which will be drawn March 30, comprise a ¥2.79 billion loan to be repaid April 30, 2019, with a basic interest rate of one-month Japanese Bankers Association Tokyo Interbank Offered Rate plus 0.20%; a ¥4.90 billion loan due March 31, 2023, with the interest rate to be determined later; and a ¥4.65 billion loan to be repaid March 31, 2025, with the interest rate to be determined later as well.

The lenders of the three respective loans are Mizuho Bank Ltd., Sumitomo Mitsui Trust Bank Ltd., The Bank of Tokyo Mitsubishi UFJ Ltd., Mitsubishi UFJ Trust and Banking Corp. and Sumitomo Mitsui Banking Corp.; Shinkin Central Bank, The Norinchukin Bank, The Bank of Fukuoka Ltd. and Mizuho Trust & Banking Co. Ltd.; and Mizuho Bank, The Bank of Tokyo Mitsubishi UFJ, Mitsubishi UFJ Trust and Sumitomo Mitsui Banking.

In addition, the company is also planning to repay on March 30 two long-term loans: a ¥2.25 billion loan with a 0.30820% interest rate secured from Shinkin Central Bank, The Norinchukin Bank and The Bank of Fukuoka; and a ¥4.65 billion loan with a 0.67075% interest rate from Mizuho Bank, The Bank of Tokyo Mitsubishi UFJ, Mitsubishi UFJ Trust and Banking and Sumitomo Mitsui Banking.

As of March 27, US$1 was equivalent to ¥105.71.