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Gramercy boosts borrowing capacity

Mar. 03, 2014 8:41 AM ETGramercy Property Trust, Inc. (GPT) StockBy: Stephen Alpher, SA News Editor
  • Gramercy Property Trust (NYSE:GPT) exercises the accordion feature of its credit facility, boosting the company's revolving borrowing capacity to $150M. All other terms remain the same.
  • Also announced is the closing of the $6.3M purchase of a 115.5K square foot industrial building in Des Plaines, Illinois. The building is 100% leased to an auto-parts manufacturer through 2025. Year 1 NOI should be about $479K for an initial cap rate of 7.6% (GAAP cap of 8.36%), with annual rent escalations. Gramercy assumed about a $2.7M mortgage at a fixed rate of 5.25%.
  • Press release

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