DRAWBRIDGE REALTY COMPLETES $152 MM FINANCING WITH BANK OF AMERICA MERRILL LYNCH
San Francisco, CA - October 31, 2017 - Drawbridge Realty, a San Francisco based real estate investment company, announced the completion of a $152 MM term loan with Bank of America Merrill Lynch. The seven-year floating rate loan is interest only for four years with an interest rate of LIBOR+1.65% and structured with additional loan capacity to fund leasing capital for select portfolio vacancies. Drawbridge swapped approximately 75% of the loan balance for the entire seven-year loan term. The loan is secured by seven properties and is well-diversified by geographic location, tenant credit, and lease term.
"In addition to extending Drawbridge's weighted average loan maturity and locking in attractive long-term rates, we believe the compelling terms we achieved on this transaction through a competitively bid process demonstrates strong interest from the bank market for Drawbridge's improving credit and asset profile." said Charlie McEachron, Chief Operating Officer, at Drawbridge Realty.