News:
Brokerage
Posted: May 1, 2018
Broadtree Residential, Inc. REIT secures $100 million revolving line of credit with JPMorgan Chase
Rochester, NY Broadtree Residential, Inc., a private real estate investment trust (REIT) managed by Broadstone Real Estate, LLC, together with Broadtree Residential, LLC as borrower, has obtained a $100 million senior secured revolving line of credit (revolver) with JPMorgan Chase. The revolver contains an accordion feature that allows for the facility to be expanded up to $250 million of total borrowing capacity. The facility carries a two-year initial term, plus a one-year extension option, which is subject to certain conditions.
“This new credit facility serves as the first step in building a more flexible balance sheet for Broadtree Residential,” said Ryan Albano, Broadtree’s CFO.
The revolver will be used to fund new acquisitions of multifamily apartment communities, refinance existing debt, make capital improvements, and serve general working capital needs.
“Broadtree has enhanced its status as a well capitalized and competitive buyer in the multifamily marketplace, and does not depend on financing contingencies in order to close new acquisitions. We look forward to utilizing the accordion feature of this facility to support the REIT’s growth in 2018 and beyond,” said Albano.
Broadtree Residential, Inc. (Broadtree) is a private real estate investment trust (REIT) designed to provide shareholders with predictable, tax-sheltered cash flow, and generate attractive total returns via investment in a diversified portfolio of multifamily apartment communities.
Tags:
Brokerage
MORE FROM Brokerage
AmTrustRE completes $211m acquisition of 260 Madison Ave.
Manhattan, NY AmTrustRE has completed the $211 million acquisition of 260 Madison Ave., a 22-story, 570,000 s/f office building. AmTrustRE was self-represented in the purchase. Darcy Stacom and William Herring
.jpg)
Columns and Thought Leadership
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski
The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian
Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
.gif)