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RREEF Property OP affiliates amend revolving credit facility

Certain entities affiliated with diversified real estate investment trust RREEF Property Trust Inc.'s operating partnership amended a secured revolving credit facility to provide for up to $100.0 million in revolving loans.

The amendment also allows the commitments to be increased, provided that such increases do not cause the aggregate amount of the commitments to surpass $200.0 million.

The outstanding amount of principal and applicable interest on the revolving loans drawn under the facility is due and payable in full Feb. 27, 2021. The maturity date may be extended by the borrowers for up to two one-year extension terms, subject to the satisfaction of certain conditions.

The loans will bear interest at a per-year base rate based on the one-month London Interbank Offered Rate, plus a margin ranging from 1.60% to 1.80%, depending upon the debt yield of the properties.

The proceeds will be used for general business purposes, including real estate purchase expenses, working capital, equity investments and CapEx.

The facility had an outstanding balance of $62.4 million with 3.2% weighted average interest upon closing.

Wells Fargo Bank NA serves as administrative agent.