Healthcare Trust Arranges $150 Million in Financing
October 31, 2017 | James Sprow | Blue Vault
Healthcare Trust, Inc. (“HTI”) announced on Monday the close of approximately $150 million of additional advances under its existing Fannie Mae master credit facilities with KeyBank National Association and Capital One Multifamily Finance, LLC. The Company used approximately $100 million of the additional advances to pay down its senior secured revolving credit facility and expects to utilize the balance for future acquisitions and general corporate purposes.
Leslie Michelson, Non-Executive Chairman of the Board of Directors, commented: “We are very pleased to announce the successful closing of advances on our Fannie Mae master credit facilities and believe this demonstrates the strength of our relationship with our lenders and aligns with our long term corporate strategy of growing our high-quality healthcare portfolio. As a result of these actions, HTI is not only provided with new capital to deploy towards additional acquisitions but also access to more borrowing capacity through the pledging of these acquisitions on our senior secured revolving credit facility.”
The additional advance under the KeyBank Facility is secured by ten seniors housing properties owned by HTI subsidiaries. The additional advance under the Capital One Facility is secured by five seniors housing properties owned by HTI subsidiaries. The additional advances under the KeyBank Facility and the Capital One Facility bear interest at a rate of LIBOR plus a 2.410% margin and mature on November 1, 2026.
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