Phillips Edison Completes $27 Million Secured Financing

October 23, 2009 4:48 PM EDT

CINCINNATI, Oct. 23 /PRNewswire/ -- Phillips Edison & Company today announced that it has completed a $27 million secured loan collateralized by Bridgewater Falls, a 600,000 square foot regional shopping center located in Fairfield Township, Ohio. The financing, which includes a term of four years, was provided by US Bank, N.A.

"We appreciate the support US Bank provided on this financing," noted Raymond D. Martz, Chief Financial Officer of Phillips Edison & Company. "Despite the challenges facing the commercial real estate market, the healthy banks continue to provide loans to well capitalized owners. US Bank provided us with very competitive pricing and structure on the Bridgewater Falls acquisition."

Phillips Edison's $70 million Strategic Investment Fund acquired Bridgewater Falls on October 5, 2009 for $44 million. The regional center, which is anchored by Target, JC Penney and Dick's Sporting Goods, was purchased from Wachovia Bank, which filed an $80 million foreclosure action against the center's developer in January 2008.

During the last eighteen months Phillips Edison has successfully raised or refinanced approximately $525 million of debt through its extensive banking relationships, and over $370 million of equity through its institutional and accredited investor base.

Phillips Edison & Company is the largest private owner of community and neighborhood shopping centers in the country. Founded in 1991, it is a fully-integrated real estate company that owns and manages more than 230 properties encompassing 26 million square feet in 35 states. In addition to a successful track record in acquisition, redevelopment, and operation of neighborhood and community shopping centers, Phillips Edison has built a foundation of development experience in single-tenant buildings and multi-tenant anchored shopping centers. Phillips Edison & Company has offices in Cincinnati, Salt Lake City, Baltimore, Los Angeles, and Portland. Visit www.phillipsedison.com for more information.

SOURCE Phillips Edison & Company

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