Avesta Communities, through its affiliate Avesta Real Estate Fund I, announced it entered into a three-year $45 million senior secured revolving credit facility with KeyBank National Association.

The facility maximizes capital structure flexibility and includes an "accordion" provision that provides for incremental extensions of credit by increasing revolving commitments in an aggregate principal amount up to $100 million. Avesta intends to utilize the facility for the acquisition of multi-family real estate properties, refinancing of current or future indebtedness and other general corporate purposes.

Peter Reynolds, Kchief executive officer, stated: "We are pleased to have attracted another well respected financial institution to our business.  This revolving credit facility bolsters our already strong liquidity position and its attractive terms enhance our ability to execute our high-growth business plan."     

Avesta Communities is a rapidly growing multi-family investment and management firm based in Tampa, FL.