Broadstone Net Lease (BNL), a private real estate investment trust (REIT) managed by Broadstone Real Estate (Broadstone), completed an expansion of its multi-bank, unsecured credit facility, which first closed in October 2012, and was previously recast in June 2014. BNL exercised the facility's full accordion provision of $185 million, and expanded it to $400 million. The syndicated facility includes M&T Bank (Joint Lead Arranger and Administrative Agent), Regions Bank (Joint Lead Arranger), Bank of Montreal, RBS Citizens, N.A., Wells Fargo Bank N.A., and SunTrust Bank.

The facility is now comprised of a $100 million unsecured term note and a $300 million revolving line of credit, which represents expansions of $50 million and $135 million, respectively. The facility has a 3-year term and can be extended at BNL's option for up to two, 12-month periods. BNL now has more than $585 million in unsecured debt commitments across its two credit facilities. "This expansion of our credit facility, which was completed in less than 30 days, favorably positions BNL for robust acquisitions activity through the end of 2014 and into 2015," said Broadstone's Executive Vice President and Chief Financial Officer, Chris Czarnecki. "We are delighted by the continued support shown by our bank partners, and excited about the tremendous flexibility and growth capital that this facility provides."

Broadstone Net Lease (BNL) invests in freestanding, single-tenant, triple-net leased properties located throughout the United States. With a diversified portfolio of more than 200 medical, industrial and retail properties in 32 states, the REIT targets individual or portfolio acquisitions within the $5 to $100 million range, and has a total portfolio value of approximately $1 billion net-leased commercial properties.