Wheeler Real Estate Investment Trust, Inc. Reduces KeyBank Line of Credit Carried Balance
January 29, 2020 at 09:18 pm
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Wheeler Real Estate Investment Trust, Inc. announced that it has reduced the balance on the company’s KeyBank line of credit below $10 million. The company obtained a 5-year fixed rate term loan with Citibank® for $6 million at an interest rate of 4.45%, which is approximately 84 basis points below the current interest rate on the Company’s KeyBank line of credit as of December 31, 2019. The new loan is secured by the Shoppes at Myrtle Park, a 56,601 square-foot shopping center located in South Carolina, which was previously encumbered on the Company’s KeyBank line of credit. In addition, the Company sold St. Matthews, a 29,015 square-foot shopping center in South Carolina for approximately $1.78 million. The proceeds of the sale have been used to pay down the KeyBank line of credit. These transactions, along with the Company’s January principal payment, have reduced the KeyBank line of credit balance below $10 million, which meets the January 31, 2020 deadline and complies with the second amendment agreed upon with the lender on January 24, 2020.
Wheeler Real Estate Investment Trust, Inc. is a fully integrated, self-managed commercial real estate investment company. The Company owns, leases, and operates income-producing retail properties with a primary focus on grocery-anchored centers. It owns a portfolio consisting of seventy-nine properties, including seventy-five retail shopping centers, totaling 8,142,065 leasable square feet, and four undeveloped land parcels totaling approximately 61 acres. The properties are geographically located in the Mid-Atlantic, Southeast, and Northeast. The Companyâs income producing properties are located in South Carolina, Georgia, Virginia, Pennsylvania, North Carolina, Massachusetts, New Jersey, Florida, Connecticut, Kentucky, Tennessee, Alabama, Maryland, West Virginia, and Oklahoma. The Company generally leases its properties to national and regional supermarket chains and selects retailers that offer necessity and value-oriented services and items and generate regular consumer traffic.
WHEELER REAL ESTATE INVESTMENT TRUST, INC. 
