RREEF Property Trust, Inc.: debt financing — RREEF Property Trust expands credit facility to $120M, adds CIBC, extends maturity to Dec 2025

RREEF Property Trust, Inc.

Third Amendment increased max commitment from $100M to $120M, split into $75.6M revolving and $44.4M construction.
CIBC Inc. added as lender with 29.17% allocation; interest rate SOFR + 225 bps.
Maturity extended from Feb 2025 to Dec 27, 2025; minimum debt yield reduced to 9.5% after new appraisals.
Declared distributions for eight share classes ranging $0.06266 to $0.07496 per share, payable Dec 29, 2023.
Commerce Corner expansion (~$29M, 141k sq ft) will be funded from construction commitment; PFG 15-year lease.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

RREEF Property Trust, Inc. amended revolving credit of from $100.0 million to $120.0 million with Wells Fargo Bank, National Association at 30-day average of the secured overnight financing rate ("SOFR") plus a spread of maturing extended from its current maturity of February 28, 2025 to December 27, 2025.

Instrument: revolving credit
Principal: from $100.0 million to $120.0 million
Counterparty: Wells Fargo Bank, National Association
Rate: 30-day average of the secured overnight financing rate ("SOFR") plus a spread of
Maturity: extended from its current maturity of February 28, 2025 to December 27, 2025
Event: amendment

Exact text from the filing

December 27, 2023, and accomplished the following: (a) added CIBC Inc. ("CIBC") to the credit facility as an additional lender; (b) increased the maximum commitment amount from $100.0 million to $120.0 million; (c) allocated the maximum commitment amount between the Revolving Commitment and the Construction Commitment (each, as defined under the Wells Fargo line of

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

RREEF Property Trust, Inc. amended Third Amendment to Second Amended and Restated Revolving Loan Agreement and Omnibus Amendment to Loan Documents with Wells Fargo Bank, National Association, as administrative agent and lender, and CIBC Inc. valued at $120.0 million (effective 2023-12-27).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association, as administrative agent and lender, and CIBC Inc.
Value: $120.0 million
Effective: 2023-12-27

Exact text from the filing

on December 27, 2023, a group of single purpose entities structured as limited liability companies (each a “Borrower” and collectively, the “Borrowers”), each of which has as its sole member RREEF Property Operating Partnership, LP (the “Operating Partnership”), a wholly owned subsidiary of the Company, entered into a Third Amendment to Second Amended and Restated Revolving Loan Agreement and Omnibus Amendment to Loan Documents, dated as of December 27, 2023, by and among the Borrowers, Wells Fargo Bank, National Association, as administrative agent and lender (“Wells Fargo”), and the other lending institutions that may become parties thereto (the “Amendment”).

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Source: SEC EDGAR

accession 0001542447-23-000140

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