Manhattan, NYC.
NEW YORK CITY— Essential Properties Realty Trust, a real estate firm focused on single-tenant occupied properties, has secured a $430 million syndicated senior unsecured term loan facility. The loan has a maturation date of November 2026 and an accordion feature to increase the availability of funds to $500 million, subject to closing conditions. Capital One arranged the financing on behalf of Essential Properties.
The Princeton, New Jersey-based firm used a partial amount of the loan proceeds to make a $70.4 million prepaid payment to its Series 2016-1 ABS Notes at par plus accrued interest, while it canceled a Class A Series 2016-1 ABS Notes that it purchased in May 2019, thus providing capacity for future growth, while extending its debt maturities.
"In addition to providing a smooth and timely execution process, Capital One brought in significant capacity from new lenders to this transaction," said Hillary Hai, chief financial officer of Essential Properties, in a prepared statement.
Essential Properties' investment strategy includes acquiring, owning and managing primarily single-tenant properties leased to middle-market companies operating service- and experience-based businesses.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
