PHILADELPHIA--(BUSINESS WIRE)--
Independence Realty Trust, Inc. (NYSE MKT: IRT) (“IRT”) today announced
that it has entered into a new $40 million senior term loan facility
administered by KeyBank which matures in September of 2018. IRT used
this facility to repay the existing interim term loan balance of $33.5
million. The remaining availability on the new facility will be used for
general working capital purposes. The new facility bears interest at
LIBOR plus 400 bps, a reduction of 100 bps from the previous interim
term loan facility.
Scott Schaeffer, IRT’s Chairman and Chief Executive Officer, commented,
“This new term financing with KeyBank successfully concludes our plan of
retiring the $120 million interim term loan used to fund a portion of
the Trade Street acquisition and enhances our debt maturity profile.”
About Independence Realty Trust, Inc.
Independence Realty Trust, Inc. (NYSE MKT: IRT) is a real estate
investment trust that seeks to own well-located apartment properties in
geographic submarkets that it believes support strong occupancy and the
potential for growth in rental rates. IRT seeks to provide stockholders
with attractive risk-adjusted returns, with an emphasis on distributions
and capital appreciation. IRT is advised by a wholly-owned subsidiary of
RAIT Financial Trust (NYSE: RAS).
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Independence Realty Trust, Inc. Contact
Andres Viroslav,
215-207-2100
aviroslav@irtreit.com
Source: Independence Realty Trust, Inc.