RREEF Property Trust gets $75 million revolver at Libor plus 170 bps

By Angela McDaniels

Tacoma, Wash., March 18 – RREEF Property Trust, Inc. closed a $75 million secured revolving credit facility with Wells Fargo Bank, NA on March 6, according to a company news release.

At closing, RREEF borrowed roughly $43.4 million under the revolver to retire and replace its $50 million secured revolver with Regions Bank, which was scheduled to mature on May 1, 2015.

Pricing under the revolver is based on RREEF’s debt yield ratio and is currently Libor plus 170 basis points.

The revolver has a $75 million accordion feature.

The revolver is scheduled to mature on March 6, 2018 and may be extended for two 12-month periods to March 6, 2020 subject to satisfaction of some conditions and payment of extension fees.

“This new credit facility increases our liquidity at attractive terms and pricing while allowing us the flexibility to introduce other sources of debt as the portfolio grows,” Jim Carbone, president and chief executive officer of RREEF, said in the news release.

RREEF is a continuously offered, non-traded, publicly registered real estate investment trust based in New York.

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