AR Global’s Healthcare Trust Secures $118.7 Million KeyBank Loan
Healthcare Trust Inc., a publicly registered non-traded real estate investment trust sponsored by AR Global, has secured a $118.7 million loan with KeyBank National Association.
Healthcare Trust Inc., a publicly registered non-traded real estate investment trust sponsored by AR Global, has secured a $118.7 million, 10-year loan with KeyBank National Association at a fixed rate of 4.5 percent. The loan is secured by, among other things, mortgages on 20 of HTI’s medical office buildings.
A portion of the proceeds from the new loan were used to repay approximately $80 million of debt under an existing credit facility covering 14 of the 20 properties mentioned above, which were part of that facility’s borrowing base.
“We believe that the new loan benefits HTI by locking in ten-year fixed rate debt at an attractive interest rate and expanding HTI’s liquidity position with up to $33 million of net proceeds available under the loan for acquisitions and general corporate purposes,” the company said.
In other company news, Healthcare Trust extended the expiration date of its tender offer from 11:59 p.m. ET on April 30, 2018 to 11:59 p.m. ET on May 1, 2018.
As reported by The DI Wire earlier this month, the board of Healthcare Trust approved a $20.25 net asset value per share for the company’s common stock as of December 31, 2017.
Healthcare Trust invests in multi-tenant medical office buildings and owns a portfolio of 185 properties with a total purchase price of $2.5 billion as of the fourth quarter of 2018, according to Summit Investment Research. The company’s primary offering was declared effective by the SEC in February 2013 and closed in November 2014 after raising $2.2 billion in investor equity.
