Resource Capital subsidiary enters $110 million revolver with JPMorgan

By Jennifer Chiou

New York, Sept. 23 – Resource Capital Corp. indirect wholly owned subsidiary Northport TRS, LLC entered into a $110 million senior secured revolving credit agreement with JPMorgan Chase Bank, NA, ING Capital LLC, Everbank Commercial Finance, Inc. and Morgan Stanley Bank, NA as lenders, according to an 8-K filing with the Securities and Exchange Commission.

There is a $225 million accordion.

The revolving commitments expire on Sept. 18, 2017. The final maturity date is Sept. 18, 2018.

The filing noted that the facility is secured by a pledge of substantially all of Northport’s assets, including its investment portfolio.

Borrowings will bear interest at Libor plus 250 bps prior to a qualified change of control.

The company must maintain a debt to equity ratio of not more than 3.5 to 1, the filing stated.

New York City-based Resource Capital is a real estate investment trust focused on commercial mortgage loans and other commercial real estate-related debt and equity investments.

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