Nichole

A $500 million term loan facility has been secured by Camden Property Trust.

The Houston-based real estate investment trust focuses on multifamily apartment communities.

The three-year unsecured loan allows Camden two one-year options to extend. After entering into interest rate swaps, the loan will effectively have a fixed rate of 5.24 percent.

Camden Property Trust said it intends to use the proceeds to pay off its $250 million unsecured bridge loan, fund new developments and acquisitions and for general corporate purposes.

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