04:54 PM EDT, 07/11/2024 (MT Newswires) -- Elme Communities ( ELME ) said Thursday it secured a new $500 million credit facility to replace a previous revolving facility due to mature in August next year.

The four-year facility will mature on July 10, 2028, with two 6-month maturity extension options and an accordion feature that allows the company to request an additional $500 million from lenders, it said.

The interest rate is based on the adjusted daily secured overnight financing rate, or SOFR, plus a margin of 85 basis points, which may change depending on the company's credit ratings.