MINNEAPOLIS, Nov. 28,
2022 /PRNewswire/ -- Centerspace (NYSE: CSR)
announced that on November 22, 2022,
it closed on a $100 million term loan
with PNC Bank as administrative agent. The loan currently bears
interest at a floating rate of 1.20% to 1.75% over the Secured
Overnight Financing Rate, or SOFR, based upon Centerspace's
leverage ratio and is for a term of one year with a one-year
extension option. Proceeds from the term loan will be used to repay
a portion of the balance on Centerspace's existing credit
facility.
"The term loan augments our capacity and provides us with
financial flexibility as we continue to optimize our portfolio
strategy and market exposure. We are extremely pleased with the
execution in this challenging capital markets backdrop, and it
demonstrates the strength of our institutional relationships." said
Mark O. Decker, Jr., Centerspace's
President and CEO.
About Centerspace
Centerspace is an owner and operator of apartment communities
committed to providing great homes by focusing on integrity and
serving others. Founded in 1970, the company currently owns 84
apartment communities consisting of 15,064 homes located in
Colorado, Minnesota, Montana, Nebraska, North
Dakota, and South Dakota.
Centerspace was named a Top Workplace for 2022 by
the Minneapolis Star Tribune. For more information, please
visit www.centerspacehomes.com.
If you would like more information about this topic, please
contact Joe McComish, Investor
Relations, at (701) 837-7104 or IR@centerspacehomes.com.
Contact Information
Joe
McComish, Investor Relations
Phone : (701) 837-7104
E-mail : IR@centerspacehomes.com
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SOURCE Centerspace