Shopping Center REIT Enters $250M Revolving Credit Facility

Posted by Orb Staff on December 28, 2012 No Comments
Categories : Commercial Mortgage

12982_dollar_fat Shopping Center REIT Enters $250M Revolving Credit Facility Cincinnati-based Phillips Edison-ARC Shopping Center REIT Inc., a public non-traded real estate investment trust that seeks to acquire and manage grocery-anchored neighborhood shopping centers, has entered into a $40 million senior secured revolving credit facility with KeyBank NA with an accordion feature up to $250 million.

According to the company, this credit facility may be used in conjunction with the existing $10 million unsecured line of credit the company closed with KeyBank in July 2012. The credit facility matures on Dec. 24, 2015, with two 12-month extension options that, if exercised, would extend the maturity until December 2017.

The company plans to use the credit facility to ‘finance the acquisition of well-occupied grocery-anchored neighborhood shopping centers having a mix of national, credit worthy retailers selling necessity-based goods and services in strong demographics markets throughout the United States.’

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