Armada Hoffler Closes $100M ($200M Option) Fixed-Rate Unsecured Loan
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.”
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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