Alpine Income Property Trust obtains new $60 million term loan

By Rebecca Melvin

Concord, N.H., May 24 – Alpine Income Property Trust has obtained a new $60 million five-year unsecured term loan, according to a company news release.

Pricing of the loan, which matures in May 2026, is subject to a pricing grid over Libor determined by the company’s leverage ratio.

Based on the company’s current leverage, the initial rate will be fixed at 2.16%.

The loan also includes an accordion option that allows the company to request additional lender commitments for up to a total of $160 million.

Truist Bank NA will act as administrative agent, and Truist Securities Inc. will act as lead arranger and bookrunner. Bank of Montreal, Raymond James Bank NA and Stifel Bank & Trust also participated in the term loan.

The real estate investment trust is based in Daytona Beach, Fla.

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