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American Finance Trust Secures $715M CMBS Deal
American Finance Trust (AFIN) has entered into a financing transaction with an institutional lender and borrowed $715 million in a CMBS financing. The New York City-based net lease REIT used proceeds of approximately $499 million to repay its existing mortgage loan in full.
The loan is interest-only at an interest rate of 3.74%, has a five-year term and is secured by 368 single-tenant properties. Of these, 223 properties were previously collateral for a loan that had less than two months of term remaining and an effective interest rate of 4.36%.
Michael Weil, CEO of AFIN, said, “I am proud that, despite the challenges of the COVID-19 pandemic, our team was able to work with the underwriters to ensure superior execution and pricing on this financing which converted almost 28% of our total outstanding debt from a two-month maturity into a new, five-year financing.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Lease
