Texas-based Whitestone REIT (WSR - Free Report) has proved its creditworthiness with Bank of America Corp. (BAC - Free Report) 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, U.S. Bancorp (USB - Free Report) and Wells Fargo & Company (WFC - Free Report) 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 growth trajectory.
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 high-growth markets.
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).