Bank of America doubles the size of real estate investment trust's line of credit
PHILADELPHIA, June 6, 2013 /PRNewswire/ — Today, Resource Real Estate Opportunity REIT (the "Company"), sponsored by Resource Real Estate, Inc., a national real estate firm specializing in opportunistic and value-add investing and financing, announces that the Company has significantly increased the size of its line of credit with Bank of America from $25 million to $50 million. The Company originally entered into the line of credit in December 2011.
(Logo: http://photos.prnewswire.com/prnh/20130606/PH27347LOGO)
"We are extremely pleased with the relationship we have built with Bank of America. We believe that doubling the size of our credit line demonstrates the high level of confidence Bank of America has in the Company and its business. The increased line of credit offers us tremendous flexibility, and we believe it will allow us to continue to take advantage of opportunities in the marketplace," explains Resource Real Estate Opportunity REIT President, Kevin Finkel.
About Resource Real Estate
Resource Real Estate ("RRE") is a firm that specializes in direct real estate investments, commercial real estate lending and global real estate securities. Through an entrepreneurial culture, RRE implements a distinctive approach to investing in and managing complex real estate assets. For over two decades RRE and its affiliates have acquired, managed and harvested real estate assets for institutional and individual investors, joint venture partnerships as well as for their own accounts.
RRE owns and manages a real estate portfolio with an aggregate value of approximately $1.8 billion. There are over 600 employees from coast-to-coast with headquarters in Philadelphia and additional offices located in New York City, Los Angeles, Denver and Omaha. RRE is a wholly owned subsidiary of Resource America, Inc. (NASDAQ: REXI), a specialized asset management company. As of March 31, 2013, Resource America managed $15.3 billion across various asset classes.
Media Contact:
Jimmy Moock
Gregory FCA for Resource Real Estate
E-mail
Office: 610-228-2125
Company Contact:
Marianne McGuire
Director of Marketing at Resource Real Estate
E-mail
Office: 267-256-5964