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


American Residential Properties Renews Credit Facility With BofA, Others

December 01, 2015, 07:14 AM
Filed Under: Real Estate

American Residential Properties, Inc. announced that it has renewed and amended the credit agreement governing its senior secured revolving credit facility.  With the renewal, the facility's expiration has been extended to May 2017 with two optional six-month extensions.  The amended credit agreement provides for a maximum borrowing capacity of $450 million, composed of a revolving credit facility of $200 million and a term loan facility that permits a single draw term loan of $250 million, which was fully funded at closing. The agreement also provides for an accordion feature to increase the maximum borrowing capacity by $300 million, subject to meeting certain criteria and obtaining additional commitments from lenders.

The lender group is comprised of Bank of America, N.A., Deutsche Bank AG, New York Branch, Morgan Stanley Senior Funding, Inc., KeyBank National Association, Barclays Bank PLC and Raymond James Bank, N.A.

American Residential Properties, Inc. is an internally managed real estate company, organized as a REIT for federal income tax purposes, that acquires, owns and manages single-family homes as rental properties in select communities nationwide. The Company's primary business strategy is to acquire, restore, lease and manage single-family homes as well-maintained investment properties to generate attractive, risk-adjusted returns over the long-term.

Comments From Our Members

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