American Campus Communities gets $125 million revolver

By Sara Rosenberg

New York, Sept. 3 - American Campus Communities Inc. closed on a $125 million five-year secured revolving credit facility, according to a news release.

The deal was led by PNC ARCS, LLC, on behalf of Freddie Mac.

Pricing on the revolver is Libor plus a spread that varies based on the debt service coverage ratio of the collateral pool.

The revolver is initially secured by eight properties.

Proceeds will be used for working capital needs and to fund future acquisitions and property development.

American Campus is an Austin, Texas-based owner, manager and developer of student housing properties.

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