Carter Validus Mission Critical REIT II Expands Credit Facility to $700 Million

Carter Validus Mission Critical REIT II Inc., a publicly registered non-traded real estate investment trust, has increased the maximum commitments available under its credit facility with KeyBank NA from $425 million to $700 million.

Carter Validus Mission Critical REIT II Inc., a publicly registered non-traded real estate investment trust, has increased the maximum commitments available under its credit facility with KeyBank NA from $425 million to $700 million.

The amended credit facility consists of a $450 million revolving line of credit, with a maturity date of April 27, 2022 and one 12-month extension period, and a $250 million term loan, with a maturity date of April 27, 2023. The facility can also be increased to $1 billion, subject to certain conditions.

In addition to KeyBank, other lenders were added including BBVA Compass Bancshares, Fifth Third Bank, Mega International Commercial Bank Co. Ltd., United Community Bank, American Momentum Bank, First Tennessee Bank, and Premier Bank.

The facility’s annual interest rate was decreased to either LIBOR plus an applicable margin ranging from 1.75 percent to 2.25 percent (the margin rate was previously set at a range from 1.75 percent to 2.65 percent), or a base rate plus an applicable margin ranging from 0.75 percent to 1.25 percent (the margin rate was previously set at a range from 0.75 percent to 1.65 percent).

As of May 3rd, the KeyBank credit facility had a total pool availability of approximately $432 million and an aggregate balance of $250 million.

Carter Validus Mission Critical REIT II invests in net leased data center and healthcare assets and raised approximately $1.3 billion in investor equity since launching in May 2014. The REIT’s $1.6 billion portfolio was comprised of 70 properties (25 data center and 45 healthcare properties) as of January 16, 2018.

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