One Liberty extends maturity of $100 million credit facility to 2026

By Wendy Van Sickle

Columbus, Ohio, Nov. 9 – One Liberty Properties, Inc. said it entered into an amendment to its $100 million credit facility that extends the maturity date through December 2026.

The amendment also increases the amount available to be borrowed for renovation and operating expense purposes to the lesser of $40 million and 40% of the borrowing base, provided that the interest rate will be based on 30-day SOFR and requires compliance with some amended and additional covenants, according to a news release.

Net proceeds received from the sale, financing or refinancing of properties are generally required to be used to repay amounts outstanding under the facility.

The financing is led by Manufacturers and Traders Trust Co. and an affiliate of Valley National Bank.

The real estate investment trust is based in Great Neck, N.Y.

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