Go Residential Reit refinances Manhattan property, adds $64.5 million liquidity

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GO Residential Real Estate Investment Trust (GO.U [https://seekingalpha.com/symbol/GO.U]) said on Thursday that it has refinanced its One East River Place property in Manhattan, raising the mortgage principal to $251 million from $186.5 million.

* The new five-year term loan adds about $64.5 million in proceeds, which the REIT used to partially repay its credit facility, currently bearing interest at SOFR plus 1.75%.
* The move is expected to improve adjusted funds from operations per unit and bolster financial flexibility, the company said.
* The base portion of the mortgage retains its prior rate until mid-2027, while the incremental amount carries a 5.02% rate through maturity in September 2030.
* GO Residential said the refinancing extends its debt maturity profile and lowers near-term refinancing risk.

* GO.U:CA closed -1.65% at $11.85.
* Source: Press Release [https://seekingalpha.com/pr/20269854-go-residential-reit-announces-accretive-refinancing-of-one-east-river-place-unlocking]

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