November 13, 2009 (FinancialWire) — Agree Realty Corp. (NYSE: ADC) (Current Market Cap: $190.76 Mil.) has closed a $11.4 million secured financing. The loan is secured by mortgages on three of the company’s retail properties located in Flint, Michigan.

The $11.4 million total consists of three non-recourse, self-amortizing notes that mature in July 2026. Each note bears interest at a fixed rate of 6.27% for the entire term of the loan.

Agree said it will apply the proceeds against the outstanding balance of the firm’s unsecured credit facility.

Farmington Hills, Michigan-based Agree Realty owns, manages and develops properties that are primarily single tenant properties leased to retail tenants and neighborhood community shopping centers.

The company currently owns and operates a portfolio of 72 properties, which are located in 16 states and contain 3.5 million square feet of gross leasable space.

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