The Parking REIT Inc., a publicly registered non-traded real estate investment trust formerly known as MVP REIT II Inc., has entered into a new $50 million senior secured revolving credit facility. KeyBank National Association served as administrative agent and KeyBanc Capital Markets served as lead arranger.
The credit facility is comprised of a borrowing base revolving credit facility with a maturity date of January 3, 2021, subject to two one-year extensions, and a working capital revolving credit facility with a maturity date of January 4, 2019.
The credit facility contains an accordion feature that allows The Parking REIT, subject to certain conditions, to obtain up to $350 million in revolving or term loan commitments. The new facility closed on Friday, December 29, 2017.
“The entire team at The Parking REIT is looking forward to working with KeyBank as we expand our business,” said Michael Shustek, president, chief executive officer and chairman of the board of The Parking REIT.
MVP REIT II recently closed its merger with affiliated non-traded REIT MVP REIT Inc., and the combined company was renamed as The Parking REIT Inc. The Parking REIT invests primarily in parking lots and garages in the United States. Its assets include 44 parking facilities located in 15 states.