Westwood Financial Announces Inaugural $95 Million Revolving Credit Facility
LOS ANGELES, March 19, 2020 /PRNewswire/ -- Westwood Financial, a leading retail real estate investment firm, today announced that it has closed on its inaugural $95 million revolving credit facility.
The inaugural facility matures in December 2022, with two, one-year extension options thereafter. Based upon the leverage levels at closing, the interest rate under the revolving facility is LIBOR plus 185 basis points. The facility also has an accordion feature that allows for borrowing capacity of up to $300 million. KeyBank serves as Administrative Agent and Lead Arranger and Mizuho Bank, City National Bank, and First Financial Bank serve as participating lenders.
Westwood's CEO Mark Bratt commented, "The new facility provides Westwood the unique ability as a private company to acquire assets on an all-cash basis, to more efficiently utilize its treasury management function, and to achieve a lower-cost and more flexible form of debt capital than the firm previously had access to. Additionally, the facility reinforces our balance street strength and the conviction in high-quality retail investments."
About Westwood Financial
Westwood Financial owns over 70 community shopping centers, primarily-anchored by top-tier grocers and service and experience-based tenants across major U.S. markets including Dallas, Phoenix, Atlanta, Los Angeles, and Charlotte. Established in 1970 and rolled up in 2016, Westwood Financial is headquartered in Los Angeles, with regional offices in Dallas, Atlanta, and Scottsdale. More information is available at www.westfin.com.
Contact:
Volker Schramm
[email protected]
SOURCE Westwood Financial
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