RD Management LLC Unveils New Ventures with Credit Facility
RD Management LLC Launches RD Property LLC
RD Management LLC, a well-respected real estate investment and management firm, has made a significant advancement in its operations by forming a new subsidiary, RD Property LLC. This newly created entity will bring together a variety of affiliated partnerships into a streamlined structure aimed at improving overall efficiency and fostering growth.
Consolidation of Real Estate Holdings
The formation of RD Property LLC is expected to unify an impressive collection of real estate assets. This consolidated platform is designed to streamline the management of properties, enhance growth opportunities, and fortify financial resources, providing a more cohesive operational structure for the firm.
Substantial Credit Facility Secured
In conjunction with RD Property's formation, the company has successfully closed a $350 million term loan and revolving credit facility. This funding is set to boost the firm's financial capabilities, allowing for robust refinancing options, reinvestment across its current portfolio, and the pursuit of new ventures in targeted real estate markets.
Leadership Insights
Richard Birdoff, Co-CEO of RD Management LLC, expressed enthusiasm about the new formation stating, "The creation of RD Property LLC marks an important milestone for our platform." He noted how this consolidation strengthens their ownership structure. Co-CEO Michael Carroll echoed this sentiment, adding that the successful closing of the $350 million credit facility demonstrates the confidence of their lending partners in the quality of assets and the management's long-term strategy.
Diverse Property Portfolio
RD Property LLC boasts a diverse portfolio of 50 properties across the nation, totaling an impressive 4 million square feet. This collection includes retail shopping centers, self-storage facilities, hotels, and net lease properties, all strategically located in major U.S. markets. The company’s new financial framework positions it to optimize asset performance and pursue capital improvements within its portfolio.
Financing Partners and Support
The $350 million financing was organized by KeyBank, which served as the Joint Lead Arranger and Administrative Agent, alongside a syndicate of reputable financial institutions including The Bank of New York Mellon, The Huntington National Bank, and PNC Bank. RD Property LLC received expert legal representation from Bass, Berry & Sims and Roberts & Holland, while KeyBank and its lending partners were advised by Riemer & Braunstein.
About RD Management LLC
With decades of experience in real estate investment and management, RD Management LLC has distinguished itself as a leader in acquiring and developing high-quality assets. The formation of RD Property LLC unites the company’s national portfolio under one unified platform focused on driving growth, enhancing efficiency, and creating long-term value for stakeholders.
Contact Information
For further details or media inquiries, please reach out to:
Michael Carroll, Co-CEO
212-265-6600 ext.432
mcarroll@rdmanagement.com
Frequently Asked Questions
What is RD Property LLC?
RD Property LLC is a newly formed entity under RD Management LLC that consolidates various affiliated partnerships and real estate holdings.
What is the significance of the $350 million credit facility?
This credit facility provides RD Property LLC with increased financial flexibility to refocus investments and improve its assets.
How many properties does RD Property LLC manage?
RD Property LLC manages a portfolio of 50 properties totaling 4 million square feet.
Who are the lending partners involved in the financing?
The financing was led by KeyBank, along with other notable banks including The Bank of New York Mellon, The Huntington National Bank, and PNC Bank.
What services does RD Management LLC provide?
RD Management LLC specializes in real estate investment and management, focusing on acquiring and developing high-quality real estate assets across various sectors.
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