CTO Realty Growth closed $150 million in term loan financing. This financing includes a new $125 million term loan due September 2030 and a $25 million upsizing of the company’s existing term loan due September 2029. Proceeds were used to retire the $65 million term loan due March 2026 representing the majority of the company’s 2026 maturities and to reduce the balance outstanding on the company’s revolving credit facility.
“We appreciate the continued support from our lending partners. This transaction enhances our liquidity to approximately $165 million as of today, extends our debt maturity profile and provides flexibility to pursue investments in high-quality shopping center assets, consistent with our long-term strategy,” John P. Albright, president and CEO of CTO Realty Growth, said.
Both term loans bear interest at SOFR plus a spread determined by the company’s leverage ratio. At closing, the company applied existing SOFR swap agreements resulting in an initial fixed interest rate for both the 2030 term loan and 2029 term loan of approximately 4.2%. In March 2026, when certain applied SOFR swap agreements mature and are replaced by existing forward SOFR swap agreements, the interest rate for both loans would adjust to approximately 4.7%, based on the company’s current leverage ratio.
The 2030 term loan was provided by a syndicate of banks led by KeyBank as administrative agent. Co-syndication agents included PNC Bank, Regions Bank and Truist Bank. Additional participating banks included Raymond James Bank, Synovus Bank and Wells Fargo Bank. The bank group providing the 2029 term loan remained unchanged.
