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One Liberty Properties Expands Credit Facility With M&T, Peoples United

November 10, 2016, 07:21 AM
Filed Under: Real Estate

One Liberty Properties, Inc. announced that it entered into an amended and restated revolving credit facility that increases the availability under the facility to $100 million and extends the facility's maturity to December 31, 2019. The bank group includes Manufacturers and Traders Trust Company, People's United Bank, VNB New York, LLC, and Bank Leumi USA. At November 9, 2016, there is an outstanding balance of $22.8 million under the facility.

Patrick J. Callan, Jr., President and Chief Executive Officer of One Liberty, said, "As we continue to produce consistent results year-over-year, it is prudent to increase our borrowing capacity in anticipation of future opportunities. This line will provide additional financial flexibility in our efforts to grow the Company as we pursue targeted acquisitions and other growth prospects."

One Liberty is a self-administered and self-managed real estate investment trust incorporated under the laws of Maryland in December 1982. The primary business of the One Liberty is to acquire, own and manage a geographically diversified portfolio of retail, industrial, flex, and health and fitness properties, many of which are subject to long term leases. Many of One Liberty's leases are "net leases", under which the tenant is typically responsible for real estate taxes, insurance and ordinary maintenance and repairs.

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