Industrial developer and investor First Industrial announced on Friday that it has arranged a new $110 mln (EUR 78 mln) term loan facility for its joint ventures with the California State Teachers' Retirement System (Calstrs), the second-largest public pension fund in the US. The facility includes accordion features, subject to new commitments, that allow the loan to be expanded up to $275 mln and a revolving credit line up to $175 mln to be added, for a total potential facility of $450 mln, the company said.
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