Charlotte, N.C.— New financings allow company to fund new construction.
Charlotte, N.C.— Campus Crest Communities, Inc. (NYSE:CCG) has closed on an amendment to its revolving credit facility with its current lender group, led by Citigroup Global Markets Inc., Raymond James Bank, FSB and Barclays Capital. The credit facility has been increased to $150 million, with an accordion feature that can increase the size of the facility by an additional $175 million to $325 million. The formerly secured facility isnow unsecured, and was extended by 1 year with the option for an additional 1-year extension, providing a new 3-year term. The Company intends to use the new facility to fund expansion and construction of new properties.
Campus Crest has also completed three, 7-year Freddie Mac financings on three previously unencumbered properties, for total proceeds of $48.5 million. The properties they encumber and the rates are as follows:
|Nacogdoches, Texas||$17.2 million||5.01%|
|Ellensburg, Wash.||$16.1 million||5.10%|
|Greeley, Colo.||$15.2 million||4.29%|
CCG is a developer, builder, owner and manager of high-quality, purpose-built student housing under The Grove brand.