Tishman Speyer to launch $545 million credit facility Wednesday

By Sara Rosenberg

New York, Nov. 13 - Tishman Speyer Properties LP is scheduled to hold a bank meeting on Wednesday to launch its proposed $545 million credit facility, according to a market source.

Lehman is the lead bank on the deal.

The facility consists of a $175 million five-year revolver and a $370 million six-year term loan B, the source said, adding that price talk is still to be determined.

Proceeds from the new bank debt, along with equity and mortgage debt, will be used to fund the acquisition of a large Washington D.C. office portfolio from The Blackstone Group LP's portfolio company, CarrAmerica Realty Corp.

Tishman Speyer is a New York-based owner, developer, fund manager and operator of first-class real estate.

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