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Monogram Residential lands $300M credit facility

Monogram Residential Trust Inc. closed a $300 million senior unsecured credit facility, marking the company's first such facility.

The facility consists of a $200 million revolver and a $100 million term loan, and comes with an accordion feature allowing for $200 million of additional capacity, bringing total availability to $500 million.

The facility's interest rate is initially set at LIBOR plus 225 basis points. The revolver is initially due March 30, 2021, and carries a 12-month extension option. The term loan is due March 30, 2022.

At closing, $100 million was drawn under the term loan and $93 million under the revolver, to repay outstanding joint venture construction notes.

KeyBank NA is the administrative agent for the facility, with KeyBanc Capital Markets Inc., JPMorgan Chase Bank NA and Compass Bank serving as joint book runners and joint lead arrangers.