ExchangeRight Triples Essential Income REIT Credit Facility to $600M
ExchangeRight has increased the committed capacity of its Essential Income REIT revolving credit facility to $600 million, up from $185 million. The expanded facility includes delayed draw term loans, with up to $400 million available over the next six months. The total borrowing capacity may increase to as much as $1 billion, subject to additional lender commitments. The REIT plans to utilize the facility to fund acquisitions and support strategic refinancings.
“In the face of ongoing market volatility, this remarkable expansion of the Essential Income REIT’s credit facility reflects tremendous confidence from some of the largest banks in the world in the strength of our platform and our long-term strategy,” said Joshua Ungerecht, managing partner at ExchangeRight.
The financing was led by Wells Fargo as lead arranger, with Fifth Third Bank, KeyBanc Capital Markets and Truist Bank serving as joint lead arrangers. Additional participants include Synovus, First Horizon Bank and Renasant Bank.
