The Abbey Company

The Abbey Company Refinances Majority of Southern California Real Estate Holdings with Wachovia Bank

The Abbey Company recently completed the refinancing of a significant portion of its Southern California commercial property portfolio. Funding was provided by Wachovia Bank, National Association. The $291,490,000 multi-property debt recapitalization provides The Abbey Company with significant net proceeds after the defeasance of $172 million of existing debt while reducing the company’s debt service costs and extending the loan maturity on all of its fixed-rate debt. - December 20, 2005