CNL Healthcare Properties Closes Corporate Revolving Line of Credit
Credit facility provides capital to grow senior housing and healthcare portfolio.
(ORLANDO, Fla.) Oct. 21, 2013 — CNL Healthcare Properties, an investment offering focused on senior housing and healthcare real estate, has secured a corporate line of credit in the initial amount of $120 million. KeyBank is serving as the lead arranger and syndication agent with Bank of America, Fifth Third Bank, PNC Bank and Cadence Bank as participating institutions.
CNL Healthcare Properties expects to use the financing to support the growth of its portfolio of senior housing, medical office and other healthcare real estate. Under the terms of the credit agreement, CNL Healthcare Properties has the option to expand the line of credit to up to $325 million through an accordion feature.
“The new credit facility provided by this outstanding group of lenders demonstrates the confidence in this fund and our investment thesis,” said Stephen H. Mauldin, president and CEO of CNL Healthcare Properties. “We are in a dynamic environment and continue to see terrific investment opportunities in the senior housing and healthcare real estate sectors. This corporate-level financing will help us expand our portfolio and efficiently take advantage of investment opportunities.”
About CNL Healthcare Properties
CNL Healthcare Properties, Inc. is an investment offering that focuses on acquiring properties in the senior housing and healthcare sectors, both stabilized and development, as well as other income-producing properties, real-estate related securities and loans. Beginning with the year ended December 31, 2012, the company intends to be taxed as a real estate investment trust. CNL Financial Group, LLC is the sponsor of CNL Healthcare Properties. For more information, visit www.CNLHealthcareTrust.com.
About CNL Financial Group
CNL Financial Group (CNL) is a leading private investment management firm providing global real estate and alternative investments. Since inception in 1973, CNL and/or its affiliates have formed or acquired companies with more than $28 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit www.cnl.com.
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