Monogram Residential Trust enters into $300 million credit facility

By Wendy Van Sickle

Columbus, Ohio, April 4 – Monogram Residential Trust, Inc., through Monogram Residential Facility I, LLC, entered into a $200 million revolving credit facility and a $100 million term loan on March 30, according to an 8-K filing with the Securities and Exchange Commission.

KeyBank NA is the administrative agent with KeyBanc Capital Markets Inc., JPMorgan Chase Bank, NA and Compass Bank as co-lead arrangers and bookrunners, JPMorgan Chase Bank and Compass Bank as syndication agents and Regions Bank as documentation agent.

The revolver matures on March 30, 2021 and has one 12-month extension option. The term loan matures on March 30, 2022.

Borrowings bear interest at Libor plus 225 basis points.

Proceeds may be used to refinance existing and future debt, to acquire or develop properties, for capital improvements, for working capital needs and for general corporate purposes.

At closing, Monogram borrowed the full term loan amount and $93 million under the revolving credit facility, with substantially all the proceeds used to pay off some outstanding joint venture construction loans.

Monogram is a Plano, Texas-based owner, operator and developer of luxury apartment communities.

© 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.