ARC NYC REIT Secures $50 Million Loan with Société Générale

American Realty Capital New York City REIT Inc., a publicly registered non-traded real estate investment trust sponsored by AR Global, has secured a 10-year, $50 million loan with Société Générale, a multinational banking and financial services company headquartered in Paris.

The loan has a fixed interest rate of 4.516 percent and is secured by mortgages on the REIT’s retail condominiums located at 400 East 67th Street and parking garage condominium located at 200 Riverside Boulevard.

The company believes the loan is beneficial as it locks in 10-year fixed rate debt at an attractive interest rate and expands its liquidity position with up to approximately $47 million of net proceeds available for investment in the portfolio through acquisitions, capital expenditure and lease up as well as for general corporate purposes.

American Realty Capital New York City REIT invests in properties located in the five boroughs of New York City, with a focus on Manhattan. The company closed its offering in May 2015 and raised a total of $776 million in investor equity, as of the fourth quarter of 2017, and owns six properties with an investment cost of $725 million, according to Summit Investment Research.

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