Grubb & Ellis Healthcare REIT II Secures Credit Facility of Up to $100 Million With KeyBank
Grubb & Ellis Healthcare REIT II, Inc. today announced that it has entered into a secured revolving credit facility with KeyBank National Association of $71.5 million that can be increased to $100 million upon meeting certain conditions. The credit facility may be utilized to acquire, finance or re-finance properties.
"Since March 2010, Grubb & Ellis Healthcare REIT II has built a portfolio of healthcare-related properties valued at approximately $411 million, based on purchase price," said Jeff Hanson, chairman and chief executive officer. "We have more than doubled our investments since the beginning of 2011, and thanks in part to lending partners like KeyBank, we are equipped to continue our aggressive pursuit of acquisitions that are accretive and supportive of our investor distributions."
The KeyBank credit facility matures on June 30, 2014, but may be extended at the option of Grubb & Ellis Healthcare REIT II for an additional year upon meeting certain conditions. The facility bears interest at a rate equal to KeyBank's prime rate plus 0.75 percent or LIBOR plus 3.50 percent, under most circumstances.
Earlier this year, Grubb & Ellis Healthcare REIT II expanded its existing credit facility with Bank of America, N.A. to $45 million.
