Essex Property Trust signs $275 million unsecured term loan with Bank of America-led lenders
ESS•Essex Property Trust signed a $275 million unsecured term loan maturing Sept. 24, 2029, with borrowing costs of SOFR plus 0.8% at closing and an option to increase the facility by up to $225 million.
1. Loan terms
Essex Property Trust entered a $275 million unsecured term loan agreement with Bank of America as administrative agent. The loan matures Sept. 24, 2029, and includes two one-year extension options at the operating partnership’s election. Its closing borrowing cost is SOFR plus 0.8%, based on a ratings-linked pricing grid, and the facility can be upsized by up to $225 million if lenders provide additional commitments. Proceeds are expected to repay commercial paper borrowings, with remaining funds for general corporate purposes.
