Power REIT (NYSE: PW) has obtained further financing to continue to expand its operations. The firm this morning indicated it has obtained a total of $20 million in debt financing from a commercial federally regulated bank.
The debt facility is to be used by the company to acquire further real estate for its operation, with a focus being placed on greenhouse cultivation assets. The funding is to also be utilized for value add upgrades at its existing properties.
Debt can be drawn from the facility over the first year of the loan, with an initial $20 million being made available to the firm. After the draw period, the debt has a five year term, with certain real estate assets being utilized as collateral for the funding. The debt bears interest at a rate of 5.52% per annum.
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The company currently has 21 greenhouse properties, 7 solar farm ground leases, and 112 miles of railroad property.
Power REIT last traded at $62.00 on the NYSE.
Information for this briefing was found via Sedar and Power REIT. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
