CNL adds $250 million term loan, lifts revolving line to $245 million

By Wendy Van Sickle

Columbus, Ohio, Dec. 1 – CNL Healthcare Properties entered into an agreement for a $250 million term loan, with the option of increasing the loan up to $350 million, and expanded its revolving line of credit by $15 million to $245 million, according to a press release.

At closing of the term loan, the company borrowed $260 million.

The credit facility was led by KeyBank NA, SunTrust Bank, JPMorgan Chase Bank, NA and Bank of America, NA.

With the new term loan and the expansion of the revolving line of credit, the company’s unsecured credit facility totals $680 million and is expandable to $1.05 billion through accordion features in the loan agreements. The total includes a $175 million term loan closed in December 2014.

The Orlando, Fla., company focuses on acquiring properties in the senior housing and health-care sectors.

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