RD Property Expands Credit Facility to $420 Million, Adding Capital One to Lending Group Led by KeyBank, PNC, Huntington National Bank and The Bank of New York Mellon

RD Property LLC has expanded its credit facility by $70 million to $420 million, exercising an accordion feature in its existing loan agreement and adding Capital One, National Association to a lending group that includes KeyBank, National Association; PNC Bank, National Association; Huntington National Bank; and The Bank of New York Mellon, the company announced Sept. 10, 2026.

The expanded facility provides RD Property with additional financial capacity to support acquisitions, capital investment, redevelopment and other strategic initiatives across its diversified real estate portfolio.

Facility Structure and Lending Syndicate

The $420 million facility represents an upsizing of a term loan and revolving credit facility originally closed in September 2025 at $350 million to support the formation of RD Property LLC. That initial financing consolidated various affiliated partnerships of RD Management into a single entity encompassing a portfolio of retail shopping centers, self-storage, hotel and net lease assets.

With the 2026 expansion, Capital One, National Association joins the syndicate as a Joint Lead Arranger. KeyBank, National Association; PNC Bank, National Association; Huntington National Bank; and The Bank of New York Mellon also serve as Joint Lead Arrangers on the expanded facility. KeyBank, National Association continues as Administrative Agent, a role it held on the original 2025 financing.

"We are pleased to expand the facility to $420 million and welcome Capital One to the lending group," said John Hayes, Chief Financial Officer of RD Management LLC. "The increased capacity provides RD Property with additional flexibility to execute our business plan and pursue attractive opportunities across the portfolio."

Portfolio Overview

RD Property's portfolio consists of approximately 51 properties totaling approximately 4 million square feet across the United States. The portfolio spans four asset categories: retail shopping centers, self-storage, hotel and net lease properties. At the time of the entity's formation in September 2025, the portfolio comprised 50 properties at the same approximate square footage, indicating at least one property addition since formation.

RD Management LLC, the sponsor behind RD Property, is a vertically integrated real estate investment and management firm with a broader platform encompassing more than 150 assets and more than 10 million square feet throughout the continental United States and Puerto Rico. The firm's platform spans mixed-use, retail, office, residential, hospitality, self-storage, senior and student housing, industrial and government sectors.

Portfolio Activity: Russell Centre

Russell Centre, a retail development in Russell, Kentucky anchored by Kroger and Lowe's Home Improvement, illustrates the type of retail asset backing the facility. The center serves the Ashland–Russell–Flatwoods trade area and has seen active lease-up activity in 2026. Wingstop signed a lease at Russell Centre in May 2026, and Starbucks broke ground on a new store at the property by June 2026. The development offers inline shop space, ground lease parcels and build-to-suit opportunities, with limited new construction opportunities remaining.

Use of Accordion Feature

The transaction demonstrates how private real estate platforms are using accordion provisions — contractual mechanisms embedded in credit agreements that allow borrowers to increase facility size without renegotiating the full loan — to scale debt capacity in step with portfolio growth. RD Property exercised the accordion one year after the original facility closed, adding $70 million in capacity and a fifth lead arranger to the syndicate.

The expanded facility is intended to fund continued growth across RD Property's diversified portfolio, including potential acquisitions and capital investment programs, as the platform builds on its formation-stage financing.

Sources

PR Newswire: RD Property Expands Credit Facility to $420 Million, Adds Capital One to Banking Group