Terreno Realty Corporation Closes $100 Million Five-Year Unsecured Term Loan
09/06/22, 1:27 PM
Location
bellevueMoney raised
$100 million
Industry
real estate
Terreno Realty Corporation (NYSE: TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today the closing of a new $100 million five-year unsecured term loan. The new five-year unsecured term loan will mature on January 15, 2028, and the interest rate generally will be SOFR plus 1.25% to 1.75%, depending on leverage. The current interest rate is SOFR plus 1.25%, and proceeds from the term loan were used to reduce borrowings under Terreno Realty Corporation’s $400 million revolving credit facility to $10 million.
Company Info
Location
bellevue, washington, united states
Additional Info
The acquired property consists of one industrial distribution building with approximately 36,000 square feet of space on 1 acre. It is completely leased to an insulation distributor until May 2028, making it a stable investment. The property's prime location near the Queens-Midtown Tunnel enhances its attractiveness for tenants. This acquisition fits well into Terreno Realty's overall growth strategy.