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Citizens Bank Provides Up to $200MM Credit Facility for Cantor Fitzgerald

August 02, 2021, 07:50 AM

Cantor Fitzgerald Income Trust, Inc. (CFIT), an institutionally managed NAV REIT, announced that its wholly owned operating partnership secured a new $100 million revolving credit facility with an accordion feature up to $200 million. The credit line will be used for general corporate purposes and to fund new portfolio investments.

"The credit facility provides financial flexibility and lower borrowing costs to acquire new assets in a competitive environment", said Chris Milner, President of CFIT. "Completing this transaction and having funds readily available underscores our proactive management approach and will allow us to scale our business and continue to provide value to our stockholders."

"An initial draw of $63 million was utilized to fund the acquisition of a two-building, 83,959 square foot office complex in Cupertino, California leased to a Fortune 5 company on a long-term basis. The advance was secured by two previously unencumbered assets in the CFIT portfolio as well as the new acquisition," stated Roger Shreero, Managing Director and Head of Acquisitions at Cantor Fitzgerald Investors, LLC.

The revolving credit facility, led and arranged by Citizens Bank, has an initial term of three years with two, one-year extension options and matrix-based floating rate interest margins. "We're pleased and appreciate Citizen's Bank's recognition of the performance and growth of our portfolio along with our investment track record over the last four years," shared Jay Frank, Chief Operating Officer at Cantor Fitzgerald Investment Management, LLC.

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