trending Market Intelligence /marketintelligence/en/news-insights/trending/oTyxXZVAy9brh7f1OqAlhg2 content esgSubNav
In This List

Bluerock Residential closes on $150M credit facility

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective

Blog

Insights Weekly: Midstream sector gains; loan growth momentum; insurance M&A on the rise


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.