Recreational Realty, a leading owner, operator and developer of specialized recreational vehicle and marine storage facilities, secured a syndicated revolving credit facility led by Truist Securities and Citizens Bank that allows the Company to borrow up to $300 million assuming certain conditions are met.
As the Company grows its footprint and continues to serve more fun-loving recreational enthusiasts across premier destinations in Texas and Florida, Recreational Realty intends to use the proceeds of the credit facility to finance future acquisitions and support its development initiatives, while broadening its service offerings.
"This new facility gives us substantial liquidity at attractive interest rates to fund both acquisition and development efforts, solidifying our leading position in the industry," said Gary Wojtaszek, Founder and CEO of Recreational Realty. "We are very pleased with the significant commitment levels across the lending group, which demonstrate strong conviction in our overall strategy and ongoing business execution as we expand across the country. In the past several months, we have made a number of exceptional senior hires, dramatically scaled our business and executed our strategy of delivering specialized facilities – and we are just getting started."
The Company recently announced its expansion into premier destination submarkets throughout Texas and Florida. Upon the completion of these transactions, Recreational Realty will own and operate 30 premium grade storage facilities comprising 3.2 million square feet of leasable space across Texas and Florida, with plans to expand to an additional 150 locations over the next two years.
Recreational Realty engaged Truist Securities to serve as Administrative Agent and Citizens Bank to serve as Syndication Agent. Haynes Boone acted as legal counsel to Recreational Realty and Holland & Knight LLP acted as legal counsel for the banking group.
In December 2021, Recreational Realty partnered with Centerbridge Partners, L.P., a private investment management firm, and WOJO Capital Partners to accelerate its expansion into a national platform dedicated to serving recreational and marine vehicle owners across the nation.