iStar Gets the Credit It Needs
Commercial real estate lender iStar Financial, which during the recession questioned it’s own ability to carry on without any new lines of credit, has finally got the cash it needs, as reported by Reuters.
The lender has secured $3 billion in financing to help it pay down it’s $7.3 billion in debt obligations, part of which was $3.2 billion due in the first half of this year. Reportedly, iStar was selling off assets to stay liquid. In September, Fitch Ratings downgraded iStar’s credit rating to “junk” grades with Fitch citing $2.2 billion worth of debt due at the end of this year.