Commercial real estate lender Timbercreek Financial entered into a third amended and restated credit agreement with a syndicate of nine lenders for revolving credit facilities in an aggregate amount of $510 million, including a $20 million swingline facility. TD Bank will continue to act as sole lead arranger, book-runner and administration agent for the credit agreement.

Under the new credit agreement, Timbercreek Financial is permitted to borrow up to $510 million on a revolving basis, subject to its borrowing base as set out in the new credit agreement. The commitments of the lenders under the revolving credit facility may be increased by $100 million by way of an accordion feature, subject to satisfaction of certain conditions set forth in the new credit agreement. The term of the new credit agreement is two years, maturing on Feb. 8, 2026. The Toronto-Dominion Bank will continue to act as sole lead arranger, sole book-runner and administration agent under the New Credit Agreement.

Timbercreek Financial will use proceeds from the revolving credit facilities for general corporate purposes and, potentially, to fund net mortgage investments or future acquisitions. The $100 million accordion feature is expected to provide Timbercreek Financial with additional flexibility to access funding in the future for other corporate activities without the carrying cost of paying standby commitment fees.