We are proud to share some big news from one of our clients, Baceline Investments LLC. The company, which is a private real estate investment and management company with neighborhood lifestyle centers throughout the Central United States, recently announced the establishment of a new syndicated loan relationship with KeyBank National Association.
KeyBank National Association is the lead bank in the $125 million senior secured credit facility for the Baceline Income Property Holding Company, LLC. The syndication is comprised of national and international banks. The facility includes an accordion feature to increase the loan commitment up to a maximum of $250 million, providing flexibility as the portfolio grows. Proceeds from the facility will be used primarily for acquisition purposes.
In December, 2017 Baceline completed a $153 million recapitalization with KeyBank, including 27 properties, creating a new income-producing investment vehicle for Baceline’s investor base.
“The facility partnership with KeyBank National Association is an exciting milestone for us and elevates Baceline to a new level, providing a strong foundation and framework for future growth,” said David Puchi, Baceline’s Managing Partner. “Our longstanding relationship with Key ensures that we are able to grow our portfolio of stable, income-producing properties to 200 properties over the next 3 to 4 years. The resulting portfolio will be perfectly positioned for a favorable public or large scale private institutional exit.”
Baceline’s investment niche focuses on holdings in the country’s heartland and is designed to benefit investors who seek to earn consistent, meaningful levels of distributable income from their investment portfolio. Their properties focus is on neighborhood shopping centers that offer everyday goods and services to local communities.
We are always proud when one of our clients makes strides to ‘Achieve Their Anything’. To learn more about how Brand Iron can help your business reach the next level of success, contact us today!