The 8th + Hope luxury apartment building in downtown Los Angeles on January 5, 2022. Photographer: Bing Guan/Bloomberg
Equity Residential, one of the biggest apartment landlords in the United States, normally finds refinancing its bank loans to be easy. This year, it was a longer journey.
For the company's $2.5 billion backup line of credit, known as a revolver, lenders have historically treated the refinancing process like a formality or an administrative task, CFO Robert Garechana said in an interview. This time, there were many more discussions, often focusing on what business banks would get from the company in return, he said.
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