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BIRMINGHAM, AL-Locally headquartered Collateral Mortgage Capital recently closed a $242-million credit facility for CNL Retirement Properties, a REIT that invests primarily in senior housing properties that are leased to operators. The deal was the largest single transaction ever closed by both Collateral and Fannie Mae’s Seniors Housing Division.

This transaction combined two existing credit facilities with different terms and conditions, and added additional credit capacity. The resulting credit facility has an eight-year term and initially contains $121 million of fixed-rate debt and $121 million of floating-rate debt.

The floating-rate component includes interest-only floating-rate advances. Fixed-rate advances will be serviced based upon a 30-year amortization schedule. The credit facility provided the borrower with approximately $19 million in “borrow-up” on existing assets and future expansion capacity of $58 million.

The credit facility is secured by 13 housing properties containing 2,480 units. The properties are located in Florida (4), Rhode Island (3), Illinois (3), California (2) and Arizona (1).

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