RREEF Property Trust, Inc. (NASDAQ:ZRPTAX) (NASDAQ:ZRPTBX), a publicly
registered, daily NAV REIT, announced today the closing of a $75 million
secured revolving credit facility with Wells Fargo Bank, National
Association (the “Facility”) on March 6, 2015. At closing, RREEF
Property Trust borrowed approximately $43.4 million under the Facility
to retire and replace RREEF Property Trust’s existing $50 million
secured revolving credit facility with Regions Bank, which was scheduled
to mature on May 1, 2015.
Pricing under the Facility is based on RREEF Property Trust’s debt yield
ratio and is currently at LIBOR + 170 basis points. An accordion feature
will allow RREEF Property Trust to increase the Facility by up to $75
million, subject to meeting specified conditions, for a total maximum
commitment of $150 million.
The Facility is scheduled to mature on March 6, 2018 and may be extended
for two 12-month periods to March 6, 2020 subject to satisfaction of
certain conditions and payment of extension fees.
“This new credit facility increases our liquidity at attractive terms
and pricing while allowing us the flexibility to introduce other sources
of debt as the portfolio grows,” said Jim Carbone, President and CEO of
RREEF Property Trust.
Wells Fargo Bank, National Association is acting as sole administrative
agent and lender on the Facility and can add additional lenders when the
accordion feature is exercised.
Deutsche Asset & Wealth Management – Real Estate
Deutsche Asset & Wealth Management’s real estate investment business has
been investing in real estate assets for more than 40 years. As part of
the Alternatives and Real Assets platform, this business today has more
than 450 employees around the world, USD 47.6 billion in assets under
management as of December 31, 2014, and offers a diverse range of
strategies and solutions across the risk and return and geographic
spectrums, including core and value-added real estate, real estate
securities, real estate debt and opportunistic real estate. The real
estate investment business employs a disciplined investment approach and
aims to deliver superior long-term risk adjusted returns, preservation
of capital and diversification to its investors, which include
governments, corporations, insurance companies, endowments, retirement
plans and private clients worldwide. To learn more about Deutsche Asset
& Wealth Management’s real estate investment capabilities, please go to www.deutscherealestate.com.
Deutsche Asset & Wealth Management
With USD 1.26 trillion of assets under management (as of December 31,
2014), Deutsche Asset & Wealth Management¹ is one of the world's leading
investment organizations. Deutsche Asset & Wealth Management offers
individuals and institutions traditional and alternative investments
across all major asset classes. It also provides tailored wealth
management solutions and private banking services to high-net-worth
individuals and family offices.
¹ Deutsche Asset & Wealth Management is the brand name of the Asset
Management and Wealth Management division of the Deutsche Bank Group.
The legal entities offering products or services under the Deutsche
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© 2014 Deutsche Asset & Wealth Management. All rights reserved.
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