HPS Corporate Lending Fund Declares NAV Per Share, Secures $925 Million Credit Facility

HPS Corporate Lending Fund, a recently launched perpetual-life non-traded business development company, has declared its net asset value per share for May 31, 2022. The company also secured a new $925 million credit facility, with an accordion feature up to $1.85 billion.

Class I, Class D, and Class F shares had an NAV per share of $24.61 as of May 31, 2022, compared to $24.94 the previous month.

As of May 31, 2022, the fund’s aggregate NAV was $1.8 billion, the fair value of its investment portfolio was $2.6 billion and it had principal debt outstanding of $548.3 million, resulting in a debt-to-equity ratio of approximately 0.30 times.

The previous month, the fund’s aggregate NAV was $1.4 billion, the fair value of its investment portfolio was $1.9 billion with principal debt outstanding of $232.8 million, resulting in ending debt-to-equity ratio of approximately 0.16 times.

HPS Corporate Lending Fund also entered into a senior secured revolving credit facility with an initial principal amount of $925 million, with an accordion provision that permits increases of up to $1.85 billion, with the satisfaction of certain conditions.

Proceeds may be used for general corporate purposes, including repaying outstanding indebtedness, making distributions, contributions and investments, and acquisition and funding.

JPMorgan Chase Bank serves as administrative agent and as collateral agent, and JPMorgan Chase Bank, Goldman Sachs Bank USA, MUFG Bank, Royal Bank of Canada, and Sumitomo Mitsui Banking Corporation, as joint bookrunners and joint lead arrangers.

The availability period under the facility will terminate on June 23, 2026, and will mature on June 23, 2027.

HPS Corporate Lending Fund was formed to invest primarily in newly originated senior secured debt and other securities of private U.S. companies within the middle market and upper middle market. The fund launched in late January 2022 and seeks to raise $4 billion. As of June 30, 2022, the fund has issued 87.9 million shares for total consideration of $2.2 billion.

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Blackstone’s New BDC Secures $500 Million Revolving Credit Facility

Blackstone Private Credit Fund, a recently launched non-traded business development company sponsored by Blackstone, announced that its subsidiary BCRED Summit Peak Funding LLC has entered into a $500 million senior secured revolving credit facility with Société Générale.

Société Générale serves as agent; Wilmington Trust National Association serves as collateral agent, custodian and collateral administrator; and Blackstone Private Credit Fund serves as servicer.

Proceeds from borrowings may be used to fund portfolio investments by Summit Peak and to make advances under revolving loans or delayed draw term loans where Summit Peak is a lender. All amounts outstanding must be repaid five years after the credit facility closes.

Summit Peak’s obligations to the lenders are secured by a first priority security interest in all of Summit Peak’s portfolio investments and cash. The obligations of Summit Peak under the revolving credit facility are non-recourse to Blackstone Private Credit Fund.

Advances used to finance the purchase or origination of broadly syndicated loans under the revolving credit facility initially bear interest at a blended per year rate adjusted monthly based on the proportion of the broadly syndicated loans in the portfolio to the proportion of middle market loans in the portfolio.

The rate attributed to broadly syndicated loans will equal the three-month London Interbank Offered Rate in effect, plus the applicable margin of 1.50 percent per year. The rate attributed to middle market loans equals LIBOR plus the applicable margin of 2.15 percent per year, and with the blended rate subject to a floor of LIBOR plus 2.00 percent per year.

Blackstone Private Credit Fund broke escrow with approximately $814 million in net proceeds for its continuous public offering on January 7, 2021. The fund is part of Blackstone Credit’s $21 billion direct lending platform, which provides privately originated, senior secured, floating rate loans to U.S. and European middle market companies.

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Strategic Data Center Adds New Lender to Syndicated Credit Facility

Strategic Data Center Fund Manager LLC, the data center real estate division of alternative investment sponsor Strategic Capital Fund Management, announced that Sunflower Bank N.A. has expanded its recently formed syndicated credit facility to include First Foundation Bank.

First Foundation (Nasdaq: FFWM), a financial institution with approximately $7 billion in bank assets, provides private wealth management, personal banking, and business banking.

As previously reported by The DI Wire, the syndicated credit facility with Sunflower Bank provides a line of credit of up to $200 million.

“Fresh off the heels of our recent acquisition of a Northern Virginia tier III data center, the confidence and commitment that First Foundation Bank has made to our company speaks volumes,” said Bryan Marsh, chief executive officer of Strategic Data Center. “This additional commitment to the credit facility helps provide us with greater flexibility as we seek to capitalize on the growing number of data center opportunities in our pipeline.”

Strategic Data Center is an investment manager and capital partner focused on acquiring, developing and managing data center real estate assets that help support the digital economy, the cloud and mobile computing.

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Strategic Data Center Buys Data Center Property in Northern Virginia

Strategic Data Center Fund Manager LLC, the data center real estate division of alternative investment sponsor Strategic Capital Fund Management, has purchased the Reston Data Center in Northern Virginia for approximately $8.25 million.

The tier III data center totals 21,100 rentable square feet and is 100 percent leased. Although the tenant’s name could not be disclosed, Strategic Data Center noted that the tenant utilizes the center for its internet infrastructure operations, and that it “delivers critical colocation services to [its] existing client base.” There are 10 years of lease term remaining with 3 percent annual rent escalations.

“The Northern Virginia market offers a number of benefits to data center operators and this region is vital to our country’s digital infrastructure,” said Bryan Marsh, chief executive officer of Strategic Data Center.

Strategic Data Center indicated that the Reston Data Center is a “highly secure facility with redundant designs to ensure 100 percent uptime and meets the high-density computing requirements of government agencies and major employers in the Eastern United States.”

The property has been updated and maintained over the years with renovations and upgrades made in 2008, 2015 and 2019. The facility also has ready access to rich fiber connectivity given its location in Fairfax County, the company said.

Strategic Data Center is an investment manager and capital partner focused on acquiring, developing and managing data center real estate assets that help support the digital economy, the cloud and mobile computing.

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Strategic Data Center Secures Credit Facility of up to $200 Million

Strategic Data Center Fund Manager LLC, the data center real estate division of alternative investment sponsor Strategic Capital Fund Management, has secured a revolving line of credit that converts into a permanent loan from Sunflower Bank, a regional bank with $4 billion in assets.

The credit facility will initially provide the ability to borrow up to $25 million. Over time, and subject to certain conditions, Strategic Data Center anticipates increasing the size of the facility to total commitments of up to as much as $200 million.

The company believes the credit line will enhance its ability to continue acquiring and developing a portfolio of data center real estate assets within the U.S.

Sunflower Bank expedited the close of the first $25 million of the line of credit to help facilitate the acquisition of a data center property under the timeline of the seller.

Strategic Data Center indicated that as it continues to execute on acquisition opportunities, Sunflower Bank plans to lead a syndication to expand the credit facility and include other lenders with backgrounds in the commercial real estate sector.

“This credit facility provides us with the flexibility to capitalize on the growing number of data center opportunities in our pipeline,” said Bryan Marsh, chief executive officer of Strategic Data Center.

Strategic Data Center is an investment manager and capital partner focused on acquiring, developing and managing data center real estate assets that help support the digital economy, the cloud and mobile computing.

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Strategic Wireless Secures $75 Million Credit Facility with Texas Capital Bank

Strategic Wireless Infrastructure Funds Management LLC, a private placement sponsor and investment manager focused on telecom infrastructure, has secured a syndicated credit facility led by Texas Capital Bank for SWI Funds Property Holdings LLC and other affiliated companies.

The credit facility includes an accordion which will allow the company to access up to $75 million throughout the term of the agreement. The company believes the credit line will enhance its ability to continue acquiring and developing a portfolio of telecommunications infrastructure assets within the U.S.

“We appreciate the confidence and commitment that Texas Capital Bank and each of the other banking partners have made to our company,” said Jerry Sullivan, chief executive officer of Strategic Wireless. “Such a commitment in the early stages of our growth speaks volumes to the opportunities in the telecom infrastructure arena as well as to the confidence in our management team’s ability to execute on our strategy.”

Sullivan added, “While we will continue to exercise discipline in all of our acquisition and development opportunities, this facility will allow us to execute our business strategy at a faster pace, giving us leverage in an industry where timing is critical.”

The syndication, led by Texas Capital Bank headquartered in Dallas, includes a number of other lenders with backgrounds in lending within the telecommunications sector, the company said.

The company sponsors Strategic Wireless Infrastructure Fund LLC, which according to a filing with the Securities and Exchange Commission, is a Regulation D fund structured as a 506(b) that seeks to raise up to $100 million.

Strategic Wireless focuses on acquiring, building and managing telecom infrastructure assets that support mobile and internet connectivity and establishes partnerships with independent operators and developers throughout the U.S.

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Four Springs Capital Trust Expands Line of Credit

Four Springs Capital Trust, a private, internally managed real estate investment trust, has expanded its current three-year revolving credit facility from $75 million to $125 million, with the ability to increase the credit facility by an additional $75 million to $200 million through an accordion feature.

Commercial banks M&T Bank and Provident Bank joined the company’s existing lending group of Citizens Bank N.A., Huntington Bank, Peapack-Gladstone Bank, and Two River Community Bank.

“We are very pleased to have six commercial banks provide a vote of confidence on the strength of our balance sheet, our underwriting and due diligence processes, and our overall corporate strategy,” said John Warch, chief financial officer of Four Springs Capital Trust.

He added, “With this credit facility expansion, we now have access to additional capital to execute on our growth plans. The additional buying power will provide us with added financial flexibility, more efficient cash management and the ability to manage interest rate risk as we build out our portfolio of net leased properties.”

Four Springs Capital Trust focuses on acquiring a portfolio of industrial, medical, retail and office properties net leased to investment grade and other creditworthy tenants under long-term leases. As of December 31, 2018, the company’s $353 million portfolio was comprised of 87 properties located in 29 states, and is 100 percent occupied by 39 tenants.

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Black Creek Diversified Property Fund Secures $775 Million Credit Facility

The operating partnership subsidiary of Black Creek Diversified Property Fund Inc., a publicly registered NAV REIT formerly known as Dividend Capital Diversified Property Fund, has entered into a $775 million credit facility with a syndicate of lenders to amend and restate its existing senior unsecured revolving and term credit facility.

The funds are available for general business purposes including refinancing existing debt and financing the acquisition of permitted investments, including commercial properties.

Black Creek Diversified Property Operating Partnership LP secured a $450 million revolving credit facility that matures on January 31, 2023 and contains two six-month extension options, and a $325 million term loan due on January 31, 2024. The credit facility can be increased to a total of $1 billion, subject to certain conditions.

Based on its current consolidated leverage ratio, the company may borrow at LIBOR, plus 1.50 percent and LIBOR, plus 1.40 percent for the revolving credit facility and term loan, respectively.

The lenders include Bank of America N.A., Wells Fargo Bank N.A., PNC Bank N.A., JPMorgan Chase Bank N.A., US Bank N.A., Regions Bank, BMO Harris Bank N.A., Capital One N.A., Associated Bank N.A., Bank of the West, MUFG Union Bank N.A., and Raymond James Bank N.A.

Black Creek Diversified Property Operating Partnership also amended its existing senior unsecured term loan credit agreement by securing a $200 million unsecured term loan, which may be increased to up to $400 million under certain conditions.

The loan matures on February 27, 2022 and has a primary interest rate based on LIBOR, plus a margin ranging from 1.25 percent to 2.05 percent.

The lenders are Wells Fargo Bank N.A., Regions Bank; Capital One N.A., MUFG Union Bank N.A., and Raymond James Bank N.A.

Assuming the credit facility and senior unsecured term loan were in-place as of September 30, 2018, on a pro forma basis, this would have resulted in a decrease of the company’s overall weighted-average interest rate from 3.95 percent to 3.77 percent and an increase of its weighted-average debt maturity from 2.2 years to 3.9 years, before consideration of any available extension options.

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JLL Income Property Trust Expands and Extends Credit Facility

JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), has closed on the expansion and extension of a $400 million credit facility. The increased credit facility revolver and term loans have been extended by one year, and the revolver capability has been increased from $200 million to $300 million with the addition of a new lender, US Bank.

The expanded and extended credit facility contains an accordion feature that can increase the facility up to a total of $650 million, bearing interest based on LIBOR plus a spread ranging from 1.25 percent to 2.00 percent.

“We continue to appreciate the support of our bank group and their recognition of our investment strategy, the size and quality of our portfolio, and our investment performance track record,” said Allan Swaringen, president and CEO of JLL Income Property Trust. “The addition of US Bank, and the expansion and extension of our credit facility provides additional flexibility to reduce borrowing costs, make strategic acquisitions and further deliver on our investment strategy.”

US Bank joins the original credit facility which was closed with a syndicate of six market-leading real estate lenders led by JPMorgan Chase Bank N.A. as sole bookrunner, joint lead arranger and administrative agent, and include Bank of America N.A., and PNC Bank National Association, as co-syndication agents and Merrill Lynch, Pierce, Fenner & Smith Incorporated and PNC Bank National Association as joint lead arrangers. Other lenders participating in the syndicated credit facility include Wells Fargo Bank, Fifth Third Bank, and BMO Harris Bank N.A.

As of the third quarter 2018, Jones Lang LaSalle Income Property Trust owned and managed a $2.3 billion portfolio of 54 office, retail, industrial and apartment properties located primarily in the United States, according to Summit Investment Research. Since 2012, the company has raised a total of approximately $1.6 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan.

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Griffin-American Healthcare REIT IV Secures Credit Facility of Up to $650 Million

Griffin-American Healthcare REIT IV Inc., a publicly registered non-traded real estate investment trust sponsored American Healthcare Investors LLC and Griffin Capital Corporation, has entered into a new credit facility totaling $400 million with Merrill Lynch, Pierce, Fenner & Smith Incorporated, KeyBanc Capital Markets and Citizens Bank National Association as joint lead arrangers and joint bookrunners.

The credit facility may be utilized for refinancing existing debt and for general corporate purposes, including property acquisitions.

The maximum principal amount of the credit facility may be increased to up to $650 million at the request of Griffin-American Healthcare REIT IV and satisfaction of certain conditions.

“We are pleased with our new credit facility and lending partners,” said Jeff Hanson, a founding principal of American Healthcare Investors and chairman and chief executive officer of Griffin-American Healthcare REIT IV. “This credit facility essentially replaces one that was due to mature in 2019 with better terms that we believe will benefit our investors and allow us to continue to accretively grow the portfolio of Griffin-American Healthcare REIT IV.”

Bank of America N.A. will serve as administrative agent, swing line lender and letters of credit issuer; KeyBank National Association will serve as syndication agent and an additional letters of credit issuer; and Citizens Bank National Association will serve as an additional syndication agent.

The credit facility matures on November 19, 2021 and may be extended for one 12-month period with the satisfaction of certain conditions, including payment of an extension fee.

At the option of Griffin-American Healthcare REIT IV, draws under the credit facility bear interest at per annum rates equal to (1) (a) the Eurodollar Rate, as defined by the credit facility, plus (b) a margin ranging from 1.75 percent to 2.20 percent per annum based on the REIT’s consolidated leverage ratio, or (2) (a) the greater of (i) Bank of America’s prime rate, (ii) the Federal Funds Rate, as defined by the credit facility, plus 0.50 percent, (iii) the one-month Eurodollar Rate plus 1.00 percent, and (iv) zero percent, plus (b) a margin ranging from 1.75 percent to 2.20 percent based on the REIT’s consolidated leverage ratio.

Griffin-American Healthcare REIT IV, which invests in medical office buildings, senior housing facilities and skilled nursing facilities, oversees a $807.6 million portfolio comprised of 58 properties totaling approximately 3.4 million square feet, as well as interest in a joint venture which owns or operates a portfolio of integrated senior health campuses and ancillary businesses.

The REIT launched its initial public offering in February 2016 and has raised approximately $610 million in investor equity as of the third quarter of 2018, according to Summit Investment Research. The offering is scheduled to close in February 2019.

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