BOSTON--(BUSINESS WIRE)--Plymouth Industrial REIT, Inc. (NYSE American: PLYM) today announced that it has entered into a new $35.7 million senior secured term loan with KeyBank National Association that matures in August 2021 and bears interest at a rate of LIBOR plus 7.0%. The KeyBank term loan is secured by equity interests in the 20 properties held by the Company’s wholly-owned subsidiary, Plymouth Industrial 20, and each of its property owning subsidiaries. The Company intends to use the proceeds of the KeyBank term loan to repay in full its outstanding mezzanine debt held by Torchlight Investors, LLC, which is scheduled to mature in October 2023 and bears interest at a rate of 15.0% per annum.

Jeff Witherell, Chairman and Chief Executive Officer of Plymouth Industrial REIT, noted, “We are pleased to work closely with KeyBank again to improve our capital structure. We had previously stated the earliest the prepayment of the mezzanine loan would make financial sense for us would be the third quarter of 2019 due to the contractual prepayment premiums. We expect that the terms of the proposed repayment of the Torchlight loan will enable us to take this significant step to simplify our balance sheet and materially reduce our annual interest expense earlier than we had anticipated.”

About Plymouth

Plymouth Industrial REIT, Inc. is a vertically integrated and self-managed real estate investment trust focused on the acquisition and operation of single and multi-tenant industrial properties located in secondary and select primary markets across the United States. The Company seeks to acquire properties that provide income and growth that enable the Company to leverage its real estate operating expertise to enhance shareholder value through active asset management, prudent property re-positioning and disciplined capital deployment.