Postal Realty to use credit line to fund USPS property acquisition

By Marisa Wong

Los Angeles, Oct. 7 – Postal Realty Trust, Inc. plans to use proceeds from its line of credit to help fund its acquisition of a 113 property portfolio of U.S. Postal Service properties for roughly $31 million, according to a press release.

The company plans to raise roughly $14 million from a sale of OP units to pay for part of the consideration. The balance of the purchase price will be covered by the borrowings under the line of credit.

Earlier this month the company announced it entered into a credit agreement with People’s United Bank, NA as administrative agent for a $100 million senior revolver due September 2023.

Postal Realty is a Cedarhurst, N.Y.-based real estate investment trust that owns and manages properties leased to the U.S. Postal Service.

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