Millrose Properties enters $1.835 billion unsecured credit facility maturing 2030
Millrose Properties entered an amended and restated credit agreement on March 25, 2026, with JPMorgan Chase Bank, N.A. as administrative agent. The unsecured facility combines a $1.335 billion four-year revolver with a $500 million delayed draw term loan, and it replaced the prior secured facility, whose liens were released. For shareholders, the filing shows added borrowing capacity, with borrowing costs tied to the company's leverage ratio and a lender default trigger tied to its external manager.
Key points
- Facility includes a $1.335 billion four-year revolver and a $500 million delayed draw term loan usable in the first year, with an uncommitted accordion allowing up to $2.5 billion in total commitments.
- Loans mature March 25, 2030, and bear interest at Adjusted Term SOFR plus 2.00% to 2.50%, depending on the leverage ratio.
- The facility is unsecured; the liens securing the prior credit agreement were released, and proceeds will be used for general business purposes, including repaying prior loans.
- An event of default can occur if Kennedy Lewis Land and Residential Advisors LLC stops being manager and no replacement reasonably acceptable to lenders is appointed within 90 days.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:01 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on March 27, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.