ORLANDO, FL—CNL Healthcare Properties reports it has raised its revolving line of credit by $155 million to $275 million, which will allow the REIT to take advantage of what it terms are “compelling investment opportunities.”
The $155-million increase includes the addition of five new lenders. The Orlando-based company closed its inaugural $120-million line of credit in August 2013.
The line of credit now includes 10 participating lenders, with new commitments from JPMorgan Chase Bank, SunTrust Bank, RBS Citizens, Comerica Bank and Seaside National Bank & Trust. They join an initial group of lenders that consisted of KeyBank, as the lead arranger and administrative agent, Bank of America, Fifth Third Bank, PNC Bank and Cadence Bank as participating institutions.
Company officials say the firm has the option to expand the line of credit up to $325 million through additional capacity via an accordion feature.
“The expanded credit facility provided by this high-quality group of lenders demonstrates their confidence in CNL Healthcare Properties,” says Stephen H. Mauldin, president and CEO of CNL Healthcare Properties. “The initial line of credit has helped us substantially grow our senior living and healthcare portfolio over the last several months. The expanded facility will further assist us in taking advantage of compelling investment opportunities as we continue to broaden and diversify our portfolio.”
In late January, CNL Healthcare reported it had purchased two medical office buildings in Coral Springs, FL and two medical office buildings in Chula Vista, CA for a combined $60 million.