Bluerock enters into $150 million two-year revolver via Deutsche Bank

By Wendy Van Sickle

Columbus, Ohio, April 12 – Bluerock Residential Growth REIT, Inc., through operating partnership Bluerock Residential Holdings, LP, entered into a loan agreement with Deutsche Bank Securities Inc. on April 6 providing for a $150 million two-year revolver, according to an 8-K filing with the Securities and Exchange Commission.

The company drew down $35 million at closing.

The initial maturity date of April 6, 2024 may be extended for up to two years through the exercise of two one-year extension options, subject to an extension fee of 0.25% of the outstanding amount.

Borrowings initially bear interest at term SOFR plus 280 basis points. The spread will increase by 15 bps for each extension period, if any.

The proceeds may be used, among other things, to finance the acquisition, renovation, rehabilitation, maintenance and leasing of properties and for general working capital purposes.

Bluerock is a New York-based real estate investment trust.

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