AR Global’s Healthcare Trust Secures $82 Million Loan
Healthcare Trust, Inc., a publicly registered non-traded real estate investment trust sponsored by AR Global, secured an $82 million loan with Capital One.
Healthcare Trust, Inc., a publicly registered non-traded real estate investment trust sponsored by AR Global, secured an $82 million loan with Capital One, National Association, according to a filing with the Securities and Exchange Commission.
The loan has a floating interest rate equal to one-month LIBOR plus 2.5 percent per year and a maturity date of December 28, 2019.
The loan is secured by mortgage liens on 23 senior living facilities in six states and a pledge by the REIT’s operating partnership, Healthcare Trust Operating Partnership, of its ownership interests in the borrowers.
At the closing of the loan, the net proceeds were used to repay $35 million outstanding under the company’s senior secured revolving credit facility.
In October 2017, Healthcare Trust closed approximately $150 million of additional advances under its existing Fannie Mae master credit facilities with KeyBank National Association and Capital One Multifamily Finance LLC.
At the time, 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.
Healthcare Trust, formerly American Realty Capital Healthcare Trust II, owned an 8.6 million-square-foot portfolio of 166 properties with a total purchase price of $2.4 billion, as of the third quarter of 2017, according to Summit Investment Research. The company’s primary offering went effective in February 2013 and closed in November 2014 after raising $2.2 billion in investor equity. Late last month, affiliated non-traded REIT American Realty Capital Healthcare Trust III, sold substantially all of its assets to Healthcare Trust for $120 million.
