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Investors Real Estate lands $250M credit facility, closes $119.5M property sales

Investors Real Estate Trust's operating partnership entered into a new $250 million unsecured revolving credit facility with a $250 million accordion feature.

The new facility has an initial term of four years with a one-year extension option, and will bear interest at either the lender's base rate plus 60 to 125 basis points or at LIBOR plus 160 to 225 basis points, depending on corporate leverage.

The company also recently completed the sale of 10 seniors housing properties totaling 900 units to Edgewood Properties LLLP subsidiaries for a total sales price of $119.5 million.

Investors Real Estate received net cash proceeds of roughly $105.5 million from the property sales, $48 million of which was used to pay down the company's previous credit facility and $40 million of which was applied to the new credit facility. The remaining proceeds were used for general corporate purposes.

The company noted that it expects to wrap up the sale of the remaining 16 seniors housing properties and a multifamily asset pursuant to four outstanding sale agreements by April 28.