Gramercy Property Trust Closes on Syndication of Credit Facility

Before you go, we thought you'd like these...
Before you go close icon

Gramercy Property Trust Closes on Syndication of Credit Facility

NEW YORK--(BUSINESS WIRE)-- Gramercy Property Trust Inc. (NYSE: GPT), a real estate investment trust, announced today the syndication of its senior secured revolving credit facility (the "Credit Facility") completed with Deutsche Bank Securities, Inc., as Sole Bookrunner and Joint Lead Arranger, Merrill Lynch, Pierce, Fenner & Smith as Joint Lead Arranger, and Bank of America, N.A. and RBC Capital Markets as Co-Syndication Agents. The $100 million Credit Facility has an initial borrowing availability of $63.8 million, representing up to 60% of the value of the borrowing base properties and a term of two years with an option for a one-year extension. The Credit Facility has a $50 million accordion feature allowing Gramercy to increase borrowing capacity to $150 million, subject to certain approvals.

About Gramercy Property Trust

Gramercy Property Trust Inc. is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing office and industrial properties net leased to high quality tenants in major markets throughout the United States. The Company also operates an asset management business that manages for third-parties, including our joint venture partners, commercial real estate assets throughout the United States primarily leased to financial institutions and affiliated users.

To review the Company's latest news releases and other corporate documents, please visit the Company's website at or contact Investor Relations at 212-297-1000.


Forward-looking Information

This press release contains forward-looking information based upon the Company's current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward-looking information in this release include, but are not limited to, factors that are beyond the Company's control, including the factors listed in the Company's Annual Report on Form 10-K and in the Company's Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For further information, please refer to the Company's filings with the SEC.

Gramercy Property Trust Inc.
Jon W. Clark, 212-297-1000
Chief Financial Officer
Emily Pai, 212-297-1000
Investor Relations

KEYWORDS:   United States  North America  New York


The article Gramercy Property Trust Closes on Syndication of Credit Facility originally appeared on

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

People are Reading