CTO Realty Growth secures $150 million term loan financing

CTO Realty Growth, Inc. (NYSE: CTO) closed $150 million in term loan financing, the company announced. The financing consists of a new $125 million term loan due September 2030 and a $25 million increase to an existing term loan due September 2029.

The company used proceeds to retire a $65 million term loan due March 2026 and reduce the balance on its revolving credit facility. The transaction increases the company's liquidity to approximately $165 million.

Both term loans carry interest rates based on SOFR plus a spread determined by the company's leverage ratio. At closing, CTO applied existing SOFR swap agreements resulting in an initial fixed interest rate of approximately 4.2% for both loans. In March 2026, when certain swap agreements mature and are replaced by forward SOFR swap agreements, the interest rate would adjust to approximately 4.7% based on current leverage ratios.

"This transaction enhances our liquidity to approximately $165 million as of today, extends our debt maturity profile, and provides flexibility to pursue investments in high-quality shopping center assets, consistent with our long-term strategy," said John P. Albright, President and Chief Executive Officer.

KeyBank National Association served as Administrative Agent for the 2030 term loan, leading a syndicate that included PNC Bank, Regions Bank, and Truist Bank as Co-Syndication Agents. Raymond James Bank, Synovus Bank, and Wells Fargo Bank also participated.

CTO Realty Growth owns and operates open-air shopping centers in Southeast and Southwest markets. The company also manages and holds an interest in Alpine Income Property Trust, Inc. (NYSE: PINE).

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