CMCT Announces Closing of New Credit Facility
CMCT announced today that it has entered into a new $206 million secured credit facility. The new facility matures in December 2025 with two one-year extension options and replaces the company's... |…
Today, CMCT (NASDAQ CMCT and TASE CMCT-L), announced that it has entered into a $206 million secured credit agreement. The company's previous credit facility, which was due to expire in October 2023, will be terminated in December 2025. There are two one-year extensions.
David Thompson, Chief Executive Officer at Creative Media & Community Trust Corporation, stated that he was pleased to close the facility and extend our debt maturities. "We believe that this facility, along with our diversified sources of capital, will enable us to take advantage of opportunities as we enter the new year.
Creative Media & Community Trust Corporation is a real-estate investment trust that aims to acquire, operate and develop multifamily and creative office assets in vibrant communities across the United States. CMCT is a leader for creative office development, acquiring, and developing properties that cater to rapidly growing sectors such as media, entertainment, and technology. CIM's expertise is applied to the acquisition, construction, and operation top-tier multifamily properties in dynamic markets that have similar employment and business characteristics to CMCT's creative office investments. CMCT also has a Northern California hotel and a lending platform that originates loans through the 7(a) loan program of the Small Business Administration ('SBA’). CMCT is operated by affiliates of CIM Group, L.P., a vertically-integrated owner and operator of real assets with multi-disciplinary expertise and in-house research, acquisition, credit analysis, development, finance, leasing, and onsite property management capabilities. (URL.
This press release contains forward-looking statements within the meaning of Section 27A of Securities Act of 1933 (the "Exchange Act") and Section 21E of Securities Exchange Act of 1934 (the "Exchange Act"), which are intended to be protected by the safe harbours established there. Forward-looking statements are identified by forward-looking terminology like may,??will, ’project, â€”project,’ â€”intend,’ â€believe,â€TM â€anticipate â€”continue,â€TM â€estimate â€”potential,â€, &pursue,...goal,. or the negative thereof,,,,’,’,’,’,’,’,’,’,’,’, ‘seek,’,’,’,’,’,’,’,’,’,’ or a,’,’,’ or,’,’ or,’ or. These forward-looking statements include statements regarding CMCT's future growth and outlook, as well as statements about CMCT’s plans and objectives. These forward-looking statements are based upon assumptions made by management of CMCT based on its experience and its perceptions of future developments. Forward-looking statements reflect the judgment of CMCT's managers and are subject to a variety of risks and uncertainties. Actual results could differ materially from the statements. These uncertainties and risks include (i) how severe and long-lasting the current COVID-19 pandemic will be, as well as the actions taken to mitigate or contain it, (iii), the adverse impact of COVID-19 upon the financial condition, results, cash flows, performance, and financial condition of CMCT, its tenants, business partners, the realty market, global economy, and financial markets, (iv), the ability of CMCT raise rents to market rents and maintain or increase occupancy levels, (vi) the effects on the inflation and higher interest rates, as well as well as well as well as well as well as well. Other important factors that could affect CMCT’s actual results and differ from CMCT’s expectations are described under the section Risk Factors’ in CMCT’s Annual Report on form 10-K for year ended December 31, 2021, and in CMCT’s Quarterly Report of form 10-Q for period ending September 30, 2022. Forward-looking statements contained herein are based upon current expectations. However, it is impossible to predict whether these expectations will be met. The assumptions relating to the above involve judgments regarding, among others, future economic, competitive, and market conditions as well as future business decisions. All of these factors are hard or impossible to predict accurately, and many of them are out of CMCT's hands. While we believe the assumptions behind the forward-looking statement are reasonable, they could prove to be incorrect. Therefore, it is impossible to guarantee that any forward-looking statements contained herein will be accurate. The significant uncertainties in the forward-looking information contained herein should not be interpreted as a guarantee that CMCT's plans and objectives will be realized. Forward-looking statements should not be relied upon by readers. Forward-looking statements are only accurate as of the date made. Businesswire.com: URL