Necessity Retail REIT (RTL) has successfully closed a $260 million commercial mortgage-backed security loan backed by 29 multi-tenant properties it owns across the United States. The loan features a 10-year term with an interest-only feature at 6.45%, secured by utilizing a SOFR swap lock of 3.54% one month prior to finalizing the loan agreement.
The proceeds from this financing will be used to pay down RTL’s credit facility as part of its planned merger with Global Net Lease, Inc., which is intended to increase balance sheet flexibility, improve debt maturity profile and reduce overall cost of capital ahead of the merger completion date.
