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| Michael Shustek |
SAN DIEGO, CA – MVP REIT,
Inc. and MVP REIT II, Inc. (the “REITs”), 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.”
For a
complete copy of the company’s news release, please contact:
Julie Leber
Spotlight Marketing
Communications
949.427.5172, ext. 703
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