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BIRMINGHAM, ALA. — Birmingham-based Colonial Properties Trust has closed a $350 million credit facility secured by 19 multifamily properties for repurchase by Fannie Mae. The 10-year facility, which carries an interest rate of 6.04 percent, was originated by PNC ARCS LLC. Colonial Properties will use the proceeds to pay down its $675 million unsecured line of credit and pay debt maturities through 2010.