Elme communities announces new $500 million credit facility

Bethesda, md., july 11, 2024 (globe newswire) -- elme communities (nyse: elme), a multifamily owner and operator, announced today that it has entered into a new $500 million credit facility to replace the prior revolving credit facility which had been due to mature in august 2025. the new credit facility has a four-year term ending on july 10, 2028, and includes two 6-month maturity extension options and an accordion feature which provides an additional $500 million of capacity on the facility. the initial interest rate is based on adjusted daily sofr plus a margin of 85 basis points (which is subject to change based on elme's credit ratings).
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