DRAWBRIDGE SECURES $150 MILLION REVOLVING CREDIT FACILITY
San Francisco, CA - July 9, 2013 - Drawbridge Realty Trust, LLC announced that it has secured a $150 million revolving credit facility with Cleveland-based KeyBank National Association as the Lead Arranger and Administrative Agent, with Wells Fargo Bank, National Association; US Bank, National Association; BMO Harris Bank, National Association; and City National Bank as co-participants. The credit facility provides Drawbridge with efficient, dedicated, low cost debt capital for new acquisitions, and when combined with the recent $150 million equity investment from New York-based Almanac Realty Investors, it further enables the company to expand its 2 million square foot commercial real estate portfolio.
"We are obtaining this new source of capital at an optimal time," said Mark Whiting, CEO of Drawbridge. "This is a powerful group of banks backing Drawbridge, and their support will be instrumental in our continued expansion in the Western U.S."
"The team at Drawbridge has extensive real estate experience and a solid platform, which makes the company an ideal candidate for a revolving credit facility. We are excited about our excellent group of banks and Drawbridge's future prospects," said Josh Mayers, Vice President of KeyBank National Association.
KeyBank is one of the nation's largest bank-based financial services companies. With assets of approximately $89 billion, KeyBank offers community banking with 1,076 full service branches in 14 states, and nation-wide corporate banking.