$680 million credit facility provides capital for growing REIT portfolio
(ORLANDO, Fla.) Dec. 1, 2015 — CNL Healthcare Properties, a real estate investment trust (REIT) focused on seniors housing and healthcare properties, has entered into an agreement for a $250 million term loan, with the option of increasing the loan up to $350 million. At the loan’s closing, the company borrowed $260 million. In conjunction with the new loan, CNL Healthcare Properties increased its line of credit by $15 million to $245 million. With the new term loan and the expansion of the company’s revolving line of credit, the company’s unsecured credit facility totals $680 million and is expandable to $1.05 billion through accordion features in the associated loan agreements. This total includes a $175 million term loan closed in December 2014.
The credit facility, led by KeyBank National Association, SunTrust Bank, JPMorgan Chase Bank, N.A. and Bank of America, N.A., has eight other participating lenders: Fifth Third Bank, BBVA Compass Bank, The National Huntington Bank, Cadence Bank, Whitney Bank, Comerica Bank, Eastern Bank and Seaside National Bank & Trust.
“The new term loan and expansion to our overall unsecured credit facility represents a significant achievement in the positioning of CNL Healthcare Properties,” said Stephen H. Mauldin, president and CEO of CNL Healthcare Properties. “Our lenders have shown great confidence in the company’s strategy and this financing will help position the fund for optimal success.”
Kevin Maddron, chief financial officer of CNL Healthcare Properties, added: “It has been a pleasure to work with each of our line lenders since the facility was initially put in place in late 2014, and we welcome the banks who are new participants to the facility.”
As of Nov. 24, 2015, CNL Healthcare Properties owned interests in 72 seniors housing communities, 49 medical office buildings, 10 post-acute care facilities and five acute care hospitals.
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