New England Realty Associates Limited Partnership Enters Into Master Credit Facility Agreement with Keybank National Association
December 06, 2021 at 03:48 pm
On November 30, 2021, New England Realty Associates Limited Partnership (the Partnership), entered into a Master Credit Facility Agreement (the Facility Agreement) with Keybank National Association (Keybank) dated as of November 30, 2021, with the initial advance in the amount of $156,000,000, at a fixed interest rate of 2.97%. The Partnerships obligations under the Facility Agreement are secured by mortgages on certain properties pursuant to certain Mortgage, Assignment of Leases and Rents and Security Agreement and Fixture Filings (Mortgages). The Partnership used the proceeds to pay down approximately $65,000,000 of existing debt secured by 11 properties, along with approximately $3,100,000 in prepayment penalties. The remaining balance of approximately $88,000,000 will be used for general partnership purposes.