PLANO, Texas, April 4, 2017 /PRNewswire/ -- Monogram
Residential Trust, Inc. ("Monogram" or the "Company") (NYSE: MORE),
an owner, operator and developer of luxury apartment communities
with a significant presence in select coastal markets, announced
today the closing of a $300 million
senior unsecured credit facility, comprised of a $200 million revolving credit facility and a
$100 million term loan. Additionally,
the credit facility contains an accordion feature which allows for
an additional $200 million of
capacity, subject to the satisfaction of certain terms and
conditions, bringing total availability to $500 million.
This senior unsecured facility was completed through the
Company's existing joint venture with PGGM. The revolving credit
facility initially matures on March 30,
2021, and contains a 12-month extension option. The term
loan matures on March 30, 2022.
The facility's interest rate is initially set at LIBOR plus 225
basis points. At closing, $100
million under the term loan and $93
million under the revolving credit facility was drawn to
repay outstanding joint venture construction notes.
"We are very pleased to announce our first unsecured facility,
which provides us with an additional source of capital, enables us
to refinance all of our 2017 and certain of our 2018 joint venture
construction loan maturities, and provides additional capacity
going forward. We appreciate the continued support of our bank
group," stated Mark T. Alfieri,
Chief Executive Officer, President and Chief Operating Officer of
Monogram.
KeyBank National Association served as Administrative Agent for
the facility. KeyBanc Capital Markets, Inc., JPMorgan Chase Bank,
N.A. and Compass Bank served as Joint Book Runners and Joint Lead
Arrangers.
Additional details on terms of the credit facility will be
available in Monogram's Form 8-K filed on April 4, 2017, with the Securities and Exchange
Commission.
About Monogram
Monogram is a fully integrated self-managed real estate
investment trust that invests in, develops and operates high
quality multifamily communities offering location and lifestyle
amenities. Monogram invests in stabilized operating properties and
properties in various phases of development, with a focus on
communities in select markets across the
United States. As of December 31,
2016, Monogram's portfolio includes investments in 51
multifamily communities in 10 states comprising 14,473 apartment
homes.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of federal securities laws that are based on our
current expectations, estimates, forecasts and projections and are
not guarantees of future performance. These statements may be
impacted by a number of known and unknown risks and uncertainties,
including, without limitation, risks associated with our business
strategy; our ability to obtain future financing and hedging
arrangements; estimates relating to our future distributions; our
understanding of our competition; market trends; and projected
capital expenditures. Actual results may differ materially from
those expressed in these forward-looking statements, and you should
not place undue reliance on any such statements. A number of
important factors could cause actual results to differ materially
from the forward-looking statements contained in this press
release, including important risk factors described in the Risk
Factors section of our Annual Report on Form 10-K for the year
ended December 31, 2016 and in our
subsequent filings with the Securities and Exchange Commission.
Forward-looking statements in this press release speak only as of
the date on which such statements were made, and we undertake no
obligation to update any such statements to conform to actual
results or changes in our expectations.
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SOURCE Monogram Residential Trust, Inc.
