RREEF Property uses $20 million of borrowings to help fund purchase

By Tali Rackner

Norfolk, Va., Dec. 22 – RREEF Property Trust, Inc. used $20 million of borrowings from its credit facility with Wells Fargo Bank, NA to fund its acquisition of an office building in Sterling, Va., according to an 8-K filing with the Securities and Exchange Commission.

Of the $20 million, roughly $8 million is from existing borrowing capacity on previously acquired properties, while about $12 million is allocated to the new property.

The company purchased the 102,015 square-foot building, located on a 7.8-acre site, for a gross price of $21.95 million. Existing capital was also used to fund the transaction.

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

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