Gramercy Property Trust Exercises $50M Accordion Feature of Its Credit Facility and Announces Acquisition of $6.3M Industrial Facility in Chicago, IL
Gramercy Property Trust Inc. (NYSE: GPT), a real estate investment trust, announced today that it exercised the accordion feature of its senior secured credit facility (the “Credit Facility”), increasing the revolving borrowing capacity to $150.0 million. All other terms of the Credit Facility remained the same. The Credit Facility banks include Deutsche Bank AG New York Branch as Administrative Agent and Lender; Deutsche Bank Securities, Inc. as Bookrunner and Joint Lead Arranger; Merrill Lynch, Pierce, Fenner & Smith as Joint Lead Arranger; Bank of America, N.A. and Royal Bank of Canada as Co-Syndication Agents and Lenders; and The Bank of New York Mellon, Morgan Stanley Bank, N.A. and PNC Bank, National Association as Lenders.
In addition, the Company closed the acquisition of an approximately 115,500 square foot industrial facility in Des Plaines, Illinois, (Chicago MSA). The building is 100% leased through October 2025 to an automotive parts manufacturing company. Year 1 net operating income is approximately $479,000 (7.60% initial cap rate, 8.36% GAAP cap rate) with annual rent escalations throughout the lease term. The facility was acquired for approximately $6.3 million, including the assumption of an approximately $2.7 million first mortgage with a fixed rate of 5.25%.
About Gramercy Property Trust
Gramercy Property Trust Inc. is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing industrial and office properties net leased to high quality tenants in major markets throughout the United States. The Company also operates an asset management business that manages for third-parties, including our joint venture partners, commercial real estate assets.
To review the Company's latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 212-297-1000.
This press release contains forward-looking information based upon the Company's current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward-looking information in this release include, but are not limited to, factors that are beyond the Company's control, including the factors listed in the Company's Annual Report on Form 10-K and in the Company's Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For further information, please refer to the Company's filings with the SEC.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.