Phillips Edison-ARC Shopping Center REIT announced that it increased the borrowing capacity of its senior secured revolving credit facility, agented by KeyBank, from $40 million to $88 million. This loan facility with KeyBank has an accordion feature that allows the company to further increase the capacity up to $250 million, subject to the terms and conditions of the facility.
The company is a public non-traded REIT focused on the acquisition and management of well-occupied grocery-anchored neighborhood shopping centers throughout the United States.
“We are extremely pleased to have increased the capacity of our facility with KeyBank to $88 million,” commented Jeffrey Edison, co-chairman of the board and CEO of Phillips Edison – ARC Shopping Center REIT. “As we continue to see attractive acquisition opportunities in the marketplace for well-occupied grocery-anchored shopping centers, this credit facility will assist us in building our portfolio by streamlining the process of obtaining financing and increasing the efficiency of closing.”
Previously on abfjournal.com: