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Daily NAV REIT Closes Senior Unsecured Credit and Term Facility of $550 Million

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Public reporting, daily NAV REIT Dividend Capital Diversified Property Fund (DPF) announced today that it has closed on a new credit and a term facility.

The Details:

  • $550 million senior unsecured credit and term facility (the Facility)
    • Includes $400 million senior unsecured revolving credit facility and
    • $150 million delayed-draw term loan
  • Accordion feature
    • DPF may increase the Facility by $350 million, subject to additional lender commitments

DPF used proceeds from the Facility to pay off outstanding debt obligations from its previous senior unsecured credit facility. At closing, the daily NAV REIT had $280 million outstanding on its revolving credit facility and $100 million on the delayed-draw term loan.

Kirk Scott, Chief Financial Officer, commented, “Real estate markets are very dynamic and always changing. Our unsecured financing strategy has become an integral part of our business that provides us with significant flexibility at what we believe to be attractive pricing and terms.”

As of September 30, 2014, DPF owned 69 properties with an aggregate of 12 million square feet diversified across 24 geographic markets.

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To learn more about DPF, visit here.