FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
 
Skip Navigation LinksHome / Articles / Read Article

Print

KeyBank Closes $50MM Revolver for The Parking REIT

Date: Jan 08, 2018 @ 07:25 AM
Filed Under: Real Estate

The Parking REIT, Inc. announced that it entered into a new $50 million senior secured revolving credit facility with KeyBank N.A. The credit facility is comprised of a borrowing base revolving credit facility with a maturity date of January 3, 2021, subject to two one-year extensions, and a working capital revolving credit facility with a maturity date of January 4, 2019.

The credit facility contains an accordion feature that allows The Parking REIT, subject to certain conditions, to obtain up to $350 million in revolving or term loan commitments. The new facility closed on Friday, December 29, 2017.  KeyBank National Association served as administrative agent and KeyBanc Capital Markets served as lead arranger.

“The entire team at The Parking REIT is looking forward to working with KeyBank as we expand our business,” said Michael Shustek, president, chief executive officer and chairman of the board of The Parking REIT.

 

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.