Whitestone Boosts Borrowing Power

HOUSTON-Whitestone REIT closed on a restated credit facility that amended its existing $125 million unsecured credit facility to $175 million. Along with adding an additional $50 million to its credit pool, the amended facility has an accordion feature allowing the facility to further increase to $225 million.

Other benefits of the amended facility include a reduction in overall pricing by approximately 1% (LIBOR plus a margin of 1.75% – 2.50% based on overall corporate leverage), while extending the term by two years to Feb. 3, 2017. The local REIT plans to use the new facility for acquisitions, redevelopment of value-add properties in its portfolio and general corporate purposes.