DALLAS-HFF has sourced a $105-million secured credit facility for N3 Real Estate, backed by a portfolio of more than 50 net-leased retail assets. The properties are predominantly single-tenant, triple net lease assets in various cities across the United States.
HFF worked on behalf of N3 Real Estate to secure the $105-million financing through a bank syndicate including KeyBank Real Estate Capital, Regions Bank and Comerica Bank. Key Bank served as the administrative agent and lead arranger with Regions serving as syndication agent. The transaction included a $60-million term loan and a $45-million revolver. The facility will allow N3 to grow its portfolio significantly in the future.
The initial portfolio is 100% occupied with an average remaining lease term of more than 11 years. Furthermore, the portfolio's tenant profile is approximately 35% investment grade.
The HFF team representing the borrower was led by managing director Travis Anderson and De'On Collins.
N3 Real Estate, of Southlake, TX, owns, manages and develops net-leased retail assets across the US. Founded in 2004, N3 has developed more than 200 single and multi-tenant retail projects for national and local retailers.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
