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ARCT Establishes $115M Line of Credit with RBS

NEW YORK CITY-The unsecured revolving credit facility with RBS Citizens Bank will allow the REIT to borrow up to $115 million on a medium-term basis for new property acquisitions.

By Jacqueline Hlavenka | Updated on August 22, 2011

(Mark Your Calendars: RealShare New York takes place Oct. 12 at the Marriott Marquis.)

NEW YORK CITY-After evaluating various “strategic alternatives,” non-traded REIT American Realty Capital Trust entered into an agreement with lender RBS Citizens Bank to establish a $115 million line of credit for new property acquisitions, but also to lower the interest rate and frictional cost the company is paying for existing credit facilities, an ARCT spokesman tells GlobeSt.com in an e-mail. RBS has committed to hold $50 million of the $115 million credit facility on its balance sheet, while its financial advisor Goldman Sachs & Co. will hold the remaining $65 million.

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