CLEVELAND, Dec. 22, 2009 (GLOBE NEWSWIRE) -- Associated Estates Realty Corporation (NYSE:AEC) (Nasdaq:AEC) announced today that it has entered into a credit facility agreement ("Facility") with Wells Fargo Multifamily Capital, on behalf of the Federal Home Loan Mortgage Corporation ("Freddie Mac"). Pursuant to the terms of the Facility, the Company has the potential to borrow up to $100 million over a two-year period with obligations being secured by nonrecourse, non cross-collateralized fixed or variable rate mortgages having terms of five, seven or ten years.
"This new Facility further enhances our financial flexibility," said Lou Fatica, Vice President and Chief Financial Officer.
Associated Estates is a real estate investment trust ("REIT") and is a member of the Russell 2000. The Company is headquartered in Richmond Heights, Ohio. Associated Estates' portfolio consists of 49 properties containing 12,366 units located in eight states. For more information about the Company, please visit its website at www.AssociatedEstates.com.
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