Shearman & Sterling represented KeyBank National Association, as administrative agent, in connection with a seven-year $100 million senior unsecured term loan for affiliates of Independence Realty Trust. ("IRT"). The proceeds of the term loan were used to reduce current borrowings under IRT's existing revolving credit facility.
IRT is a real estate investment trust that seeks to own well-located apartment properties in geographic submarkets that it believes support strong occupancy and the potential for growth in rental rates.
The Shearman & Sterling team included partner Malcolm Montgomery, special associate Elizabeth Martialay and associate Horton McKinney (all New York-Real Estate).