ATLANTA-Wells Core Office Income Operating Partnership, the operating partnership of Wells Core Office Income REIT, has increased its existing line of credit from $70 million to $300 million on more favorable terms. The group reserves the right to increase the total facility to $400 million.
Regions Bank and U.S. Bank National Association, which includes a total of 12 lenders, led the revolving credit facility. Chris Daniels, managing director of Capital Markets for Wells, handled the transaction. Daniels’ colleagues, Pam Berrier and Christi Cool, assisted him.
“Market conditions provided us with the opportunity to extend our line of credit on attractive terms so we moved quickly,” Doug Williams, executive vice president and treasurer at Wells Core REIT, tells GlobeSt.com. “This extension affords Wells Core REIT enhanced flexibility to pursue the quality deals our investors expect of us.”
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Williams pointed to a longstanding relationship with both Regions Bank and US Bank. He says the REIT was encouraged to see 12 banks participate in the syndication. Wells Core REIT is focused primarily on core office real estate, leased primarily to investment-grade tenants.
The extended credit line comes just a few weeks after Wells Core REIT acquired the Jackson National Life building in Englewood, CO. The property is fully leased through March 2017 to Standard & Poor's AA-rated firm Jackson National Life Insurance Company.
And in May, Wells Core REIT acquired class A buildings Duke Bridges I & II in Frisco, TX. The buildings are fully leased to T-Mobile West Corp. and EFA Processing. Built in 2006, the buildings contain 284,198 square feet and are located on Warren Parkway in the rapidly growing Far North Dallas/Frisco submarket.
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