By Joshua Burd
Affiliates of The Hampshire Cos. have secured a $250 million credit facility for a real estate investment trust focused on retail and self-storage properties, brokers with JLL announced.
In a news release, the debt placement team said it sourced the transaction on behalf of United Hampshire US Parent REIT Inc. and United Hampshire US Holdings LLC, both of which are wholly owned subsidiaries of United Hampshire US REIT. The deal consisted of term loans and a revolving credit facility containing important flexibilities to accommodate long-term growth, while it’s supported by a covenant structure consistent with REIT corporate financings.
United Hampshire US REIT, which is listed in Singapore, has 23 properties across the East Coast. The company owns a portfolio of 21 grocery-anchored and necessity-based retail assets and two self-storage properties, totaling roughly 3.8 million square feet.
“We are pleased to be able to work with JLL in successfully completing this refinancing, notwithstanding the challenging market conditions,” said Robert Schmitt, CEO of the manager of UHREIT. “This new credit facility significantly increases our weighted average debt maturity and eliminates any near-term loan refinancing requirements until 2024. Most importantly, the new debt facility will allow us to focus on optimizing the performance of our properties while providing us the opportunity to grow the portfolio and deliver healthy returns to our unitholders.”
JLL’s corporate banking advisory team of Senior Managing Director Anthony Fertitta and Analyst Jonathan Koletic represented the borrowers. The opportunity was sourced by Jon Mikula and Michael Klein, based in JLL’s Morristown office, who hold longstanding relationships with Morristown-based Hampshire.