Power REIT obtains $20 million 5.52% debt financing facility

By Mary-Katherine Stinson

Lexington, Ky., Dec. 23 – Power REIT entered into a $20 million loan facility with a fixed 5.52% rate, according to a company press release on Thursday.

The facility has a 12-month draw period after which it converts to a five-year fully amortizing term loan.

A newly formed wholly owned subsidiary of Power REIT served as the borrower with its newly transferred greenhouse assets serving as collateral.

Proceeds will be used to acquire additional greenhouse cultivation properties and to fund value-added improvements at existing greenhouse properties.

Power REIT currently has a portfolio consisting of 21 controlled environment agriculture properties, seven solar farm ground leases totaling 601 acres and 112 miles of railroad property.

Power REIT is a Bethpage, N.Y.-based real estate investment trust that develops, acquires and manages transportation and energy infrastructure real estate assets for controlled environment agriculture facilities with a focus on greenhouses.

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