BRE PROPERTIES TO BORROW $620 MILLION

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SAN FRANCISCO — San Francisco-based BRE Properties Inc. will borrow $620 million this year through a credit deal with Deutsche Bank Berkshire Mortgage and Fannie Mae. The loan, which consists of two $310 million tranches, originates with Deutsche Bank and will be repurchased by Fannie Mae. BRE has already drawn on the first $310 million and expects to draw the second in August. BRE put up 4,651 apartments in 15 properties as collateral to secure the loan.

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