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Industrial Property subsidiaries get $100 million secured loan via TIAA
By Susanna Moon
Chicago, Sept. 29 – Industrial Property Trust Inc.’s indirect subsidiaries entered into a $100 million secured loan agreement on Sept. 25 with Teachers Insurance and Annuity Association of America, according to an 8-K filing with the Securities and Exchange Commission.
The TIAA facility is non-recourse except for standard carve-outs including those relating to environmental matters, intentional misrepresentations by the borrower, misappropriation of funds, waste, unapplied security deposits, taxes and failure to maintain insurance and full recourse for voluntary bankruptcy and/or involuntary bankruptcy of the borrower and violation by the borrower of covenants.
The recourse obligations will be guaranteed by Industrial Property Operating Partnership LP, the company’s operating partnership.
Interest on the loans will be 3.52%, and the facility requires interest-only monthly payments for the first four years of the loan and monthly payments of principal and interest after that.
The contractual maturity is Oct. 1, 2023. Beginning Nov. 1, 2016, the TIAA facility may be repaid in full prior to maturity, subject to a prepayment premium. The facility may be prepaid without a premium during the last 90 days of the loan term.
The real estate investment trust is based in Denver.
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