Gramercy Property Trust Inc. (NYSE:GPT)
, a real estate investment trust, announced today the syndication of its senior secured revolving credit facility (the “Credit Facility”) completed with Deutsche Bank Securities, Inc., as Sole Bookrunner and Joint Lead Arranger, Merrill Lynch, Pierce, Fenner & Smith as Joint Lead Arranger, and Bank of America, N.A. and RBC Capital Markets as Co-Syndication Agents. The $100 million Credit Facility has an initial borrowing availability of $63.8 million, representing up to 60% of the value of the borrowing base properties and a term of two years with an option for a one-year extension. The Credit Facility has a $50 million accordion feature allowing Gramercy to increase borrowing capacity to $150 million, subject to certain approvals.
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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This press release contains forward-looking information based upon the Company's current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward-looking information in this release include, but are not limited to, factors that are beyond the Company's control, including the factors listed in the Company's Annual Report on Form 10-K and in the Company's Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For further information, please refer to the Company's filings with the SEC.