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KeyBank Closes $50MM Revolver for The Parking REIT

January 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.


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