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Key Bank Arranges CNL Healthcare’s $120MM Credit Facility

October 22, 2013, 07:02 AM
Filed Under: Healthcare

CNL Healthcare Properties has secured a corporate line of credit in the initial amount of $120 million. KeyBank N.A. 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.”

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.

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