Gramercy Property Trust enters $100 million revolving facility

By Jennifer Chiou

New York, Sept. 5 - Gramercy Property Trust Inc. operating partnership GPT Property Trust LP entered into a $100 million senior secured revolving credit facility with Deutsche Bank AG, New York Branch, according to a news release.

The facility has an initial term of two years with an option for a one-year extension and includes a $50 million accordion feature, the release noted.

The New York real estate investment trust said that borrowings will bear interest at Libor plus 190 basis points to 275 bps, depending on the company's overall leverage ratio. The initial borrowing rate is Libor plus 190 bps.

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