Washington REIT draws from term loan to fund asset purchases

By Sarah Lizee

Olympia, Wash., June 27 – Washington Real Estate Investment Trust used borrowings under its $450 million unsecured six-month term loan facility to finance its acquisition of a portfolio consisting of 2,113 units across seven apartment communities in Virginia and Maryland, according to an 8-K filing with the Securities and Exchange Commission.

On Thursday, Washington closed the acquisition of two multifamily assets located in Montgomery County, Md., consisting of 428 units for $82 million. The company had also previously acquired five assets located in Virginia for $379.1 million in April.

The loan was fully funded as of Thursday.

The real estate investment trust is based in Washington, D.C.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.