Bank One is looking for lenders to round out the syndicate on a $120 million credit facility for CenterPoint Venture, a partnership between CenterPoint Properties Trust, CalPERS and Jones Lang LaSalle. The facility will be used to refinance an existing credit line. The venture targets industrial projects that do not fit in with CenterPoint's value-added strategy. A bank meeting will be held on Thursday. Bank One officials and CenterPoint officials did not return calls.
The facility is split into a $90 million portion that is secured by CalPER's equity commitment and a $30 million piece secured by the venture's properties. The larger piece is priced at LIBOR plus 1%. Pricing on the smaller portion of the line ranges from LIBOR plus 1 5/8% to 2 1/4%. Bank One is also acting as administrative agent on the deal.