) has proved its creditworthiness with
Bank of America Corp.
) extending its reach and joining the group of top tier banks
that provide the former with unsecured revolving credit facility
worth $175 million.
Specifically, Bank of America united with Bank of Montreal,
Wells Fargo & Company
) in the syndicated facility. However, the stipulations of the
recently enhanced $175 million facility with a $50 million
accordion element remain unchanged.
Through improvement in creditworthiness, the company can
capitalize on its relationship with these top tier banks and
efficiently finance its strategic moves so as to ride high on the
The expanded credit facility would help Whitestone REIT enhance
its financial flexibility. The company has plans for diversifying
the funds into a number of strategic moves including buy-outs,
renovation of value-add properties in its portfolio, besides
meeting its other corporate needs.
Whitestone REIT is focused on community centered property
business model through owning, managing, leasing, and operating
over 4.4 million square feet of space, largely occupied by small,
service-based tenants. The company aims at broadening its
footprint by tactically acquiring commercial properties in
Founded in 1998, Whitestone REIT is a fully-integrated real
estate investment trust (REIT) that owns, operates and
re-develops community centered properties, which are visibly
located properties in established or developing culturally
diverse neighborhoods. Its portfolio of commercial properties is
located in Texas, Ariz., and Ill.
Whitestone REIT currently has a Zacks Rank #4 (Sell).
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