MVP REITs Close $30 Million Credit Facility with KeyBank

MVP REIT Inc. and MVP REIT II Inc., both publicly registered non-traded real estate investment trusts, entered into a credit agreement with KeyBank National Association for a $30 million revolving credit facility with accordion expansion options to increase the facility size up to $100 million. The initial term is two years and matures on October 5, 2018.

“The closing of this facility marks a milestone for the REITs,” said Michael Shustek, chairman and chief executive officer of MVP REIT, and president, chief executive officer and chairman of the board of MVP REIT II. “It will provide both companies with increased flexibility and a reduced cost of capital which should facilitate the growth of their portfolios of parking assets.”

MVP REIT is a hybrid real estate investment trust which completed its initial public offering in September 2015 after raising $97.3 million from the sale of its common stock. The REIT, which primarily invests in parking facilities throughout the United States, secured by long term leases with national and regional operators, owns a portfolio of 27 parking facilities with more than 5,800 parking spaces.

MVP REIT II, which also invests in parking structures and facilities, broke escrow in December 2015 and has raised $24.9 million in investor equity since inception. The company’s portfolio currently includes investments in 13 parking facilities with more than 3,000 parking spaces.

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