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KeyBank Provides $35MM Revolver to Plymouth Industrial REIT

August 14, 2017, 07:44 AM
Filed Under: Real Estate

Plymouth Industrial REIT, Inc. announced it has closed on a $35 million senior secured revolving credit facility with KeyBank N.A. The credit facility has an accordion feature that allows the total borrowing capacity under the credit facility to be increased up to $75 million, subject to certain conditions.

The credit facility matures in August 2020 and has one, 12-month extension option, subject to certain conditions. Amounts outstanding under the facility bear interest at LIBOR plus a margin between 250 to 300 basis points, depending on the Company’s leverage.

Jeff Witherell, Chairman and Chief Executive Officer of Plymouth Industrial REIT, noted, “KeyBank’s support and alignment with our strategy is an important step in strengthening our capital structure and funding Plymouth’s growth. Their familiarity with our portfolio and extensive experience in real estate lending were a perfect fit for us.”

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