On-balance-sheet commercial real estate lender iStar Financial (SFI) is arranging to refinance $1.8 billion into senior secured credit.
The debt was originally written in 2011 and is set to mature beginning next year.
The new terms, being put together with J.P. Morgan (JPM), Barclays Capital (BC) and Bank of America Merrill Lynch (BAC), will push the balance out.
The new first lien loan will come due in 2017.
The new facility would be collateralized 1.25x by substantially the same collateral pool as presently exists under the 2011 facility, according to a financial form filed with the Securities & Exchange Commission.
