Cantor Fitzgerald Income Trust (CFIT), an institutionally managed real estate investment trust, secured a new $100 million revolving credit facility with an accordion feature of up to $200 million. CFIT will use the credit line for general corporate purposes and to fund new portfolio investments.
“The credit facility provides financial flexibility and lower borrowing costs to acquire new assets in a competitive environment,” Chris Milner, president of CFIT, said. “Completing this transaction and having funds readily available underscores our proactive management approach and will allow us to scale our business and continue to provide value to our stockholders.”
“An initial draw of $63 million was utilized to fund the acquisition of a two-building, 83,959 square foot office complex in Cupertino, CA, leased to a Fortune 5 company on a long-term basis. The advance was secured by two previously unencumbered assets in the CFIT portfolio as well as the new acquisition,” Roger Shreero, managing director and head of acquisitions at Cantor Fitzgerald Investors, said.
The revolving credit facility, led and arranged by Citizens Bank, has an initial term of three years, with two one-year extension options and matrix-based floating rate interest margins.
“We’re pleased and appreciate Citizen’s Bank’s recognition of the performance and growth of our portfolio along with our investment track record over the last four years,” Jay Frank, COO at Cantor Fitzgerald Investment Management, said.
