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Bluerock Residential closes on $150M credit facility

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Bluerock Residential closes on $150M credit facility

Bluerock Residential Growth REIT Inc. obtained a $150 million senior secured credit facility due in October 2020, with a 12-month extension option.

The facility comes with an accordion feature that allows for an expanded borrowing capacity of up to $250 million. It will bear a variable interest rate initially equal to the London Interbank Offered Rate plus an annual margin of 1.80% to 2.45%, or a base rate plus an annual margin of 0.80% to 1.45%.

Bluerock aims to use the facility to finance prospective purchases, including two properties that are projected to close during the fourth quarter.

KeyBanc Capital Markets, Merrill Lynch Pierce Fenner & Smith Inc. and JPMorgan Chase Bank NA were the co-lead arrangers and book managers for the facility, with KeyBank NA as administrative agent. Merrill Lynch and JPMorgan Chase were also the co-syndication agents.