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Monday, March 03, 2014 6:24:26 PM
NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it exercised the accordion feature of its senior secured credit facility (the “Credit Facility”), increasing the revolving borrowing capacity to $150.0 million. All other terms of the Credit Facility remained the same. The Credit Facility banks include Deutsche Bank AG New York Branch as Administrative Agent and Lender; Deutsche Bank Securities, Inc. as Bookrunner and Joint Lead Arranger; Merrill Lynch, Pierce, Fenner & Smith as Joint Lead Arranger; Bank of America, N.A. and Royal Bank of Canada as Co-Syndication Agents and Lenders; and The Bank of New York Mellon, Morgan Stanley Bank, N.A. and PNC Bank, National Association as Lenders.
In addition, the Company closed the acquisition of an approximately 115,500 square foot industrial facility in Des Plaines, Illinois, (Chicago MSA). The building is 100% leased through October 2025 to an automotive parts manufacturing company. Year 1 net operating income is approximately $479,000 (7.60% initial cap rate, 8.36% GAAP cap rate) with annual rent escalations throughout the lease term. The facility was acquired for approximately $6.3 million, including the assumption of an approximately $2.7 million first mortgage with a fixed rate of 5.25%.
About Gramercy Property Trust
Gramercy Property Trust Inc. is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing industrial and office properties net leased to high quality tenants in major markets throughout the United States. The Company also operates an asset management business that manages for third-parties, including our joint venture partners, commercial real estate assets.
To review the Company’s latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 212-297-1000.
http://www.businesswire.com/news/home/20140303005569/en/Gramercy-Property-Trust-Exercises-50-Million-Accordion
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