NexPoint Residential uses sale proceeds to zero out credit facility

Chicago, March 5 – NexPoint Residential Trust, Inc. reset the undrawn availability on its credit facility to $350 million with zero dollars drawn after a repayment, according to a press release.

The company used $24 million of the proceeds from a property sale in Houston to make the paydown on March 5.

The company said it is strategically de-leveraging and working on balance sheet improvement initiatives.

“NXRT is pleased to announce the closing of Old Farm, which allows us to deliver a strong return on a seven-year investment, creates almost $50 million of liquidity for the company and pays off our most expensive debt capital, a long-stated goal,” Matt McGraner, chief investment officer, said in the news release.

The real estate investment trust is affiliated with Highland Capital, a Dallas-based investment management firm.

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