Four Springs Capital Trust secured a three-year revolving credit facility with a $75 million borrowing capacity with an additional $75 million expansion feature. Citizens Bank, Huntington Bank, Peapack-Gladstone Bank and Two River Community Bank participated in the new credit facility as lenders.
“Implementing this credit facility is a key step forward as we enter our next phase of growth,” said John Warch, chief financial officer of Four Springs. “This new credit facility will provide us with added financial flexibility, more efficient cash management and the ability to manage interest rate risk as we build out our portfolio of net leased properties.”
Four Springs Capital Trust is a private, internally managed real estate investment trust focused on acquiring a diversified portfolio of industrial, medical, retail and office properties net leased to investment grade and other creditworthy tenants under long-term leases.
Year-to-date in 2018, Four Springs has acquired 27 properties in 11 separate transactions for a total of $89.7 million. It now owns 76 properties in 28 states, leased to 34 tenants. The company’s $319 million portfolio is diversified by industrial, medical, retail and office properties, and is 100% occupied.