Cincinnati-based Phillips Edison-ARC Shopping Center REIT Inc., a public non-traded real estate investment trust that seeks to acquire and manage grocery-anchored neighborhood shopping centers, has entered into a $40 million senior secured revolving credit facility with KeyBank NA with an accordion feature up to $250 million.
According to the company, this credit facility may be used in conjunction with the existing $10 million unsecured line of credit the company closed with KeyBank in July 2012. The credit facility matures on Dec. 24, 2015, with two 12-month extension options that, if exercised, would extend the maturity until December 2017.
The company plans to use the credit facility to ‘finance the acquisition of well-occupied grocery-anchored neighborhood shopping centers having a mix of national, credit worthy retailers selling necessity-based goods and services in strong demographics markets throughout the United States.’
