NEW YORK CITY—Capital One Bank has completed the syndication of an increase in the credit facility for American Realty Capital's New York REIT to $705 million, from $390 million. Shares of common stock in the REIT were listed on the New York Stock Exchange on April 15th, the day after the loan closed.
The credit facility proceeds will be used to support the company's acquisitions of additional properties in New York City, and for general corporate purposes. Capital One Bank acted as the lead arranger, sole bookrunner and administrative agent. A group of eight other banks also participated in the transaction.
New York REIT, formerly known as American Realty Capital New York Recovery REIT, has a portfolio of properties in the New York metropolitan area and is one of only three public REITs focused exclusively on the New York market.
“Capital One Bank took a hands-on approach to structuring a financial solution that fits our needs,” says Michael Happel, NYRT's CIO. “We were impressed with the team's depth of market knowledge and their determination to help us achieve our goals.”
“American Realty Capital is a trusted client of Capital One Bank, and we are pleased to offer them the financing they need,” adds Ben Stacks, greater New York market manager, Capital One Bank Commercial Real Estate. “This transaction demonstrates Capital One's commitment to providing our clients with a tailored financing solution that aligns with their investment strategy.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
