Agree Realty obtains $24.8M term loan; shares dip 2%

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Agree Realty Corporation (NYSE:ADC) announced today it obtained a $24.8 million term loan secured by seven of the company’s retail properties. The loan has an original term of five years and was jointly arranged by LaSalle Bank Midwest National Association and Raymond James Bank. The Farmington Hills, Mich.-based real estate company said the proceeds of the loan will go towards outstanding amounts on an unsecured $55 million credit facility. In today’s trading, shares of Agree are at $24.47, down $0.56, or 2.24%. Trading volume is at about half the average number of shares.

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