Virginia Beach, VA-based Armada Hoffler, a self-managed real estate investment trust, has initiated a new $100 million unsecured term loan with the option to increase the total capacity to $200 million. The new term loan matures concurrently with the existing line in January 2027 at a fixed interest rate of 4.79%.

Manufacturers and Traders Bank will act as the sole and exclusive administrative agent and lead arranger for the credit facility.

Proceeds from the term loan have been used to unencumber Armada Hoffler’s newly stabilized Wills Wharf asset located in Baltimore, MD, as well as three Town Center of Virginia Beach retail assets.

“We appreciate the continued support we have received from our preferred lender group, particularly considering today’s market conditions,” said Matthew Barnes-Smith, CFO of Armada Hoffler. “Executing the Franklin Templeton lease at Wills Wharf has enabled us to take another step to a more unsecured balance sheet featuring longer term fixed-rate debt instruments.”