Elme Communities, a multifamily owner and operator, has entered into a new $500 million credit facility to replace the prior revolving credit facility, which had been due to mature in August 2025. The new credit facility has a four-year term ending on July 10, 2028, and includes two 6-month maturity extension options and an accordion feature, which provides an additional $500 million of capacity on the facility. The initial interest rate is based on adjusted daily SOFR plus a margin of 85 basis points (which is subject to change based on Elme’s credit ratings).
“We are pleased with the successful completion of our credit facility recast which extends our strong liquidity position and optimizes cost,” Steven Freishtat, executive vice president and chief financial officer of Elme Communities, said. “We thank our team of lenders for their support and confidence in the growth and success of our company.”
Wells Fargo Bank served as administrative agent for the credit facility. Wells Fargo Securities, KeyBanc Capital Markets, PNC Capital Markets, TD Bank and Truist Securities served as joint lead arrangers, and Wells Fargo Securities and KeyBanc Capital Markets served as joint bookrunners. KeyBank also served as syndication agent for the revolving credit facility. Capital One, PNC Bank, TD Bank and Truist Bank served as documentation agents for the revolving credit facility. Additional participants include Goldman Sachs Bank USA and Associated Bank.
