Broadtree Residential, a private real estate investment trust managed by Broadstone Real Estate, has expanded its senior secured revolving line of credit from $100 million to $300 million.
The company also amended an agreement to increase the remaining accordion feature, allowing for future expansion up to $500 million of total borrowing capacity.
“We are excited to announce the expansion of our revolver, which enhances our liquidity position and provides us with the financial flexibility to fund property acquisitions in real time,” said Ryan M. Albano, EVP & Chief Financial Officer.
“We sincerely appreciate the strong support of our bank lending partners, and view this transaction as a testament to the ongoing growth and positive momentum of Broadtree.
“The Revolver will provide us with the funds necessary to continue to increase the size of our real estate portfolio, which is fundamental to our goal of providing current yield to our shareholders in the form of quarterly distribution payments.”
The Joint Lead Arrangers and Joint Bookrunners for the facility are JPMorgan Chase Bank, N.A., Manufacturers and Traders Trust Company, and Keybanc Capital Markets Inc.
The other participants in the facility include BMO Harris Bank, N.A., Capital One, National Association, Regions Bank, and SunTrust Bank.