Four Springs Capital Trust, a private, internally managed real estate investment trust, has expanded its current three-year revolving credit facility from $75 million to $125 million, with the ability to increase the credit facility by an additional $75 million to $200 million through an accordion feature.
Commercial banks M&T Bank and Provident Bank joined the company’s existing lending group of Citizens Bank N.A., Huntington Bank, Peapack-Gladstone Bank, and Two River Community Bank.
“We are very pleased to have six commercial banks provide a vote of confidence on the strength of our balance sheet, our underwriting and due diligence processes, and our overall corporate strategy,” said John Warch, chief financial officer of Four Springs Capital Trust.
He added, “With this credit facility expansion, we now have access to additional capital to execute on our growth plans. The additional buying power will provide us with added financial flexibility, more efficient cash management and the ability to manage interest rate risk as we build out our portfolio of net leased properties.”
Four Springs Capital Trust focuses on acquiring a portfolio of industrial, medical, retail and office properties net leased to investment grade and other creditworthy tenants under long-term leases. As of December 31, 2018, the company’s $353 million portfolio was comprised of 87 properties located in 29 states, and is 100 percent occupied by 39 tenants.