Real Estate Investment Trust UDR Inc. (UDR) recently obtained a $200 million secured credit facility originated by Red Mortgage Capital Inc., a premier Fannie Mae (FNM) lender.

The credit facility is collateralized by five geographically diverse properties, permits collateral substitutions and is non-recourse in nature. UDR will use the proceeds to repay bulk of its secured debt, including certain yield maintenance fees due in 2010. Consequently, only $10 million of secured debt will be left to mature in 2010.