{"id":1004394554,"date":"2020-02-25T07:04:05","date_gmt":"2020-02-25T15:04:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004394554"},"modified":"2020-02-25T08:16:29","modified_gmt":"2020-02-25T16:16:29","slug":"slate-retail-reit-nails-down-858m-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/slate-retail-reit-nails-down-858m-refi\/","title":{"rendered":"Slate Retail REIT Nails Down $858M Refi"},"content":{"rendered":"
\"Grocery<\/a>

Grocery store interior. Image via Pixabay<\/em><\/p><\/div>\n

Slate Retail REIT, of Toronto, has nearly completed a three-part refinancing that\u2019s worth $858 million in total. The three components are a $525 million revolving credit facility<\/a> and term loan, a $250 million term loan and an $83 million, 10-year mortgage.<\/p>\n

\n

READ ALSO<\/strong>: Simon\u2019s $3.6B Taubman Buy a Positive Sign for Class A Malls<\/a><\/p>\n

\n

Slate Retail REIT is entirely focused on being an owner and operator of U.S. grocery-anchored real estate. Its 79 retail assets total about 10.2 million square feet and are valued around $1.3 billion. Slate\u2019s properties are mostly on or east of a line connecting Detroit and Nashville, including multiple properties in Atlanta, Florida and Charlotte, N.C.<\/p>\n

Overall, the $858 million in total debt refinancing, according to Slate, provides annual interest savings of $1.7 million, extends weighted average debt maturity to 4.8 years and will provide about $212 million of borrowing capacity.<\/p>\n

The members of the lending syndicate(s) were not disclosed, and as of press time, Slate had not replied to Commercial Property Executive<\/em>\u2019s request for this and additional information.<\/p>\n

A substantial trident<\/h2>\n

Here\u2019s a more detailed breakdown:<\/p>\n