CNL Healthcare Properties announced today it has secured a $120 million corporate credit line that will fuel future acquisitions in the senior housing and medical office building sectors.
The credit line includes an accordion feature that allows CNL the option to expand the credit line to $325 million, through an arrangement made by KeyBank N.A. that includes Bank of America, Fifth Third Bank, PNC Bank and Cadence bank as affiliated participants.
The credit line will boost opportunities in the senior housing and medical office building acquisition landscapes, the company said.
“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.”
The company has been active in the senior housing space, most recently having announced the acquisition of a $457 million, 21-property Bonaventure portfolio located across the Pacific Northwest.
In June, the company purchased six skilled nursing facilities (SNFs) in Arkansas for $56 million, further expanding its footprint.
“This corporate-level financing will help us expand our portfolio and efficiently take advantage of investment opportunities,” Mauldin said.
Written by Elizabeth Ecker