CNL Healthcare Properties Expands Revolving Line of Credit
The $275 million credit facility provides capital for growing REIT portfolio
(ORLANDO, Fla.) May 12, 2014 — CNL Healthcare Properties, a real estate investment trust (REIT) focused on senior housing and healthcare facilities, has increased its original $120 million line of credit to $275 million. The $155 million increase includes the addition of five new lenders. The company closed its inaugural $120 million line of credit in August 2013.
The line of credit now includes ten 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 with Bank of America, Fifth Third Bank, PNC Bank and Cadence Bank as participating institutions.
CNL Healthcare Properties has the option to expand the line of credit up to $325 million through additional capacity under an accordion feature.
“The expanded credit facility provided by this high-quality group of lenders demonstrates their confidence in CNL Healthcare Properties,” said 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.”
About CNL Healthcare Properties
CNL Healthcare Properties, Inc., is a real estate investment trust (REIT) 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. CNL Financial Group, LLC is the sponsor of CNL Healthcare Properties. For more information, visit www.CNLHealthcareProperties.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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