Armada Hoffler Announces Closing of $100 Million Fixed-Rate Unsecured Term Loan
VIRGINIA BEACH, Va., Dec. 07, 2022 (GLOBE NEWSWIRE) -- Armada Hoffler (NYSE: AHH) today announced that it has initiated a new $100 million unsecured term loan with the option to increase the total capacity to $200 million. Proceeds from the term loan have been used to unencumber the company’s newly stabilized Wills Wharf asset, as well as three Town Center of Virginia Beach retail assets. The new term loan matures concurrently with the existing line in January 2027 at a fixed interest rate of 4.79%.
“We appreciate the continued support we have received from our preferred lender group, particularly considering today’s market conditions,” said Matthew Barnes-Smith, Chief Financial Officer of Armada Hoffler. “The company remains committed to delivering long-term value to our stakeholders by continuing to improve our liquidity and further strengthening our capital structure. Executing the Franklin Templeton lease at Wills Wharf has enabled us to take another step to a more unsecured balance sheet featuring longer term fixed-rate debt instruments.”
Manufacturers and Traders Bank (M&T) will act as the sole and exclusive administrative agent and lead arranger for the credit facility.
About Armada Hoffler
Armada Hoffler (NYSE: AHH) is a vertically integrated, self-managed real estate investment trust with over four decades of experience developing, building, acquiring, and managing high-quality office, retail, and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States. We also provide general construction and development services to third-party clients, in addition to developing and building properties to be placed in our stabilized portfolio. Founded in 1979 by Daniel A. Hoffler, Armada Hoffler has elected to be taxed as a REIT for U.S. federal income tax purposes. For more information visit ArmadaHoffler.com
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