Tokyo-based real estate investment trust Japan Retail Fund Investment Corp. will refinance an approximately ¥12.87 billion loan from the Development Bank of Japan Inc. with ¥12.80 billion of new loans and cash on hand on July 30.

The existing loan had an initial amount of ¥20.00 billion with a nine-year term and a fixed interest rate of 2.24%. It is due July 30.

The new borrowings, also from the Development Bank of Japan, comprise a ¥4.30 billion floating-rate loan due July 31, 2020, and an ¥8.50 billion 0.771% loan due July 31, 2029. The unsecured and unguaranteed loans must be repaid with a lump sum.

As of July 26, US$1 was equivalent to ¥111.075.