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 $225 million senior secured revolving credit facility, increasing the current facility by $65 million. The new facility contains a three year term with a one year extension and is secured by seven properties. KeyBank National Association is the administrative agent for the credit facility.
American Campus intends to use the new facility to, among other things, fund acquisitions, other working capital needs and future 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 Communities 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 87,900 beds.
Source: American Campus Communities Inc.