AUSTIN, TX - American Campus Communities Inc. (NYSE:ACC), one of the largest owners, managers and developers of high-quality student housing properties in the U.S., today announced the closing of a $125 million secured revolving credit facility with PNC ARCS, LLC, on behalf of Freddie Mac (NYSE: FRE). Initially secured by eight properties, the credit facility has a five-year term and bears interest at LIBOR plus a spread that varies based on the debt service coverage ratio of the collateral pool.
American Campus intends to use the proceeds from this credit facility for working capital needs and to fund future acquisitions and property development, such as the ACE (American Campus Equity) program.
American Campus Communities Inc. is one of the largest developers, owners and managers of high-quality student housing communities in the United States. The company is a fully integrated, self-managed and self-administered equity real estate investment trust (REIT) with expertise in the design, finance, development, construction management, and operational management of student housing properties. American Campus owns 86 student housing properties containing approximately 52,800 beds. The company also owns a minority interest in 21 joint venture properties containing approximately 12,100 beds. Including its owned, joint venture and third-party managed properties, ACC's total managed portfolio consists of 137 properties with approximately 88,000 beds
Source: American Campus