Gramercy Property Trust Inc. (NYSE:GPT)
, a real estate investment trust, announced today that the Company’s operating partnership, GPT Property Trust LP, entered into a $100 million senior secured revolving credit facility (the “Credit Facility”) with Deutsche Bank AG New York Branch (“Deutsche Bank”). The Credit Facility has an initial term of two years with an option for a one-year extension and includes a $50 million accordion feature allowing Gramercy to increase borrowing capacity to $150 million, subject to certain approvals.
Advances under the Credit Facility will incur interest at a floating rate equal to LIBOR plus a spread between 190 and 275 basis points depending upon the Company’s overall leverage ratio. The Credit Facility will have an initial borrowing rate of LIBOR plus 190 basis points. The Credit Facility is guaranteed by Gramercy Property Trust Inc. and certain subsidiaries and is secured by first priority mortgages on designated properties that make up the borrowing base (the “Borrowing Base”) as defined under the agreement. Availability under the Credit Facility is permitted up to 60% of the value of the Borrowing Base.
Gordon F. DuGan, Chief Executive Officer, commented, “This is an important step for Gramercy, providing additional liquidity and enhancing financing flexibility to execute our business plan. We are excited to be working with Deutsche Bank and look forward to a long and successful relationship.”
About Gramercy Property Trust
Gramercy Property Trust Inc. is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing office and industrial properties net leased to high quality tenants in major markets throughout the United States. The Company also operates an asset management business that manages for third-parties, including our joint venture partners, commercial real estate assets throughout the United States primarily leased to financial institutions and affiliated users.
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