Comforia Residential REIT, Inc Announces Borrowing of Funds and Repayment of Loans
February 22, 2024 at 02:30 am EST
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Comforia Residential REIT Inc. ("CRR") announced that it decided to proceed with the borrowing of funds and repayment of loans. Description of New Borrowing: Details are as follows: Long-term LoansTerm8 year, fixed rate. Lender: Development Bank of Japan Inc., Mizuho Bank Ltd., Sumitomo Mitsui Trust Bank, Limited., MUFG Bank Ltd. Loan amount: JPY 2,400 million. Interest rate: To be determined (Note). Scheduled: February 29, 2024.
drawdown date. Borrowing based on a loan agreement effective February 27, 2024, with the lender method stated above. Interest payment Interest payments will be first made on March 29, 2024, the last day of each month dates thereafter, and the principal repayment date (or the business day immediately preceding the concerned date if any concerned date is not a business day). Principal Lump-sum repayment on principal repayment date.
Principal: February 29, 2032. repayment date (If this date is not a business day, it shall be the following business day. If such day falls in the following month, it shall be the immediately preceding business day.) Security and Unsecured and unguaranteed guarantee. Description of Repayment of Loans: Current portion of long-term loans (Term8.1 year, fixed rate). Lender: Development Bank of Japan Inc., Mizuho Bank Ltd., Sumitomo Mitsui Trust Bank, Limited., MUFG Bank Ltd., Sumitomo Mitsui Banking Corporation. Loan amount is JPY 2,670 million. Interest rate is 0.67745% (Note). Drawdown date is February 2, 2016. Principal repayment date: February 29, 2024. Reasons for Borrowing and Repayment. CRR will appropriate the funds to repay loans. Amount, Use, and Scheduled Time of Disbursement of Funds to Be Raised: Amount of funds to be raised, A total of 2,400 million yen, Specific use of funds to be raised, Funds will be used to repay loans. Scheduled time of disbursement February 29, 2024.
Comforia Residential Reit Inc is a Japan-based residential real estate investment trust (REIT). The REIT is a closed-end fund. The REIT is principally engaged in the investment in residential real estates that are for lease, and real estate backed assets. The REIT focuses on the investments in general leasing properties with stable earnings. The REIT's portfolio consists mainly of leasing properties for singles and small families. The REIT also invests in other operated residential real estates, such as senior housings, service apartments, and student dormitories. The REIT primarily invests in leasing properties located in Tokyo metropolitan and other residential properties in communities in other cities. The REIT has Comforia Kitauhorie, Comforia Oshima, Comforia Omori Trois, Comforia Shibaura and other lands and buildings.