Monmouth Real Estate Investment Corp., one of the nation’s oldest REITs, has amended its $130 million unsecured revolving credit facility to exercise its existing $70 million accordion.
The move increases the facility to $200 million and adds an additional $100 million accordion feature, bringing the total potential availability up to $300 million.
The Facility is syndicated with BMO Capital Markets, as sole lead arranger, sole book runner, and Bank of Montreal as administrative agent, and includes JPMorgan Chase Bank, N.A. and RBC Capital Markets as co-syndication agents.
The deal will enable the New Jersey based REIT to continue to grow its unencumbered property portfolio and pay down higher interest rate mortgage debt.