Highwoods secures $162M in funding

RALEIGH, N.C. - Highwoods Properties Inc., announced that it has obtained two fully executed loan commitments:

- $115.0 million, 6.5-year secured loan provided by New York Life Insurance Company at a fixed rate of 6.875%, secured by a pool of 10 assets in Nashville, Raleigh and Tampa.

- $47.3 million, seven-year secured loan arranged by RBC Capital Advisors at a fixed rate of 7.5%, secured by the office portion of RBC Plaza in Raleigh.

The proceeds will be used to repay debt and for general corporate purposes. The company has also prepaid in full a secured loan for $107 million, which carried a rate of 7.8% and was originally scheduled to mature in November. There were no prepayment penalties.