Greystar Growth gets bridge loan commitments for Monogram purchase

By Sara Rosenberg

New York, July 5 – Greystar Growth and Income Fund LP has received a commitment for a total of $2 billion in two separate bridge loans to help fund its acquisition of Monogram Residential Trust Inc., according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

JPMorgan Chase Bank provided the debt commitment.

Other funds for the transaction will come from $1,636,000,000 of equity.

Under the agreement, Monogram is being bought for $12 per share. The acquisition is valued at about $3 billion, including debt to be assumed or refinanced.

Closing is expected in the second half of the year, subject to approval by Monogram’s stockholders and other customary closing conditions.

Greystar Growth is a newly formed perpetual life fund led by Greystar Real Estate Partners and its initial founding capital partners, affiliates of APG Asset Management NV, GIC, and Ivanhoe Cambridge. 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.