Orlando, Fla., Dec. 01, 2015 (GLOBE NEWSWIRE) --
CNL Healthcare Properties, a real estate investment trust (REIT) focused on seniors housing and healthcare properties, has entered into an agreement for a $250 million term loan, with the option of increasing the loan up to $350 million. At the loan’s closing, the company borrowed $260 million. In conjunction with the new loan, CNL Healthcare Properties increased its line of credit by $15 million to $245 million. With the new term loan and the expansion of the company’s 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 associated loan agreements. This total includes a $175 million term loan closed in December 2014.
The credit facility, led by KeyBank National Association, SunTrust Bank, JPMorgan Chase Bank, N.A. and Bank of America, N.A., has eight other participating lenders: Fifth Third Bank, BBVA Compass Bank, The National Huntington Bank, Cadence Bank, Whitney Bank, Comerica Bank, Eastern Bank and Seaside National Bank & Trust.
“The new term loan and expansion to our overall unsecured credit facility represents a significant achievement in the positioning of CNL Healthcare Properties,” said Stephen H. Mauldin, president and CEO of CNL Healthcare Properties. “Our lenders have shown great confidence in the company’s strategy and this financing will help position the fund for optimal success.”
Kevin Maddron, chief financial officer of CNL Healthcare Properties, added: “It has been a pleasure to work with each of our line lenders since the facility was initially put in place in late 2014, and we welcome the banks who are new participants to the facility.”
As of Nov. 24, 2015, CNL Healthcare Properties owned interests in 72 seniors housing communities, 49 medical office buildings, 10 post-acute care facilities and five acute care hospitals.
About CNL Healthcare Properties
CNL Healthcare Properties, Inc., is a real estate investment trust (REIT) that focuses on acquiring properties in the seniors housing and healthcare sectors, including stabilized, value-add and development assets, as well as other income-producing properties, real-estate related securities and loans. CNL Financial Group, LLC is the sponsor of CNL Healthcare Properties. For more information, visit CNLHealthcareProperties.com.
About CNL Financial Group
CNL Financial Group (CNL) is a leading private investment management firm providing global real estate and alternative investments. Since inception in 1973, CNL and/or its affiliates have formed or acquired companies with more than $33 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit CNL.com.
Cautionary Note Regarding Forward-Looking Statements
Statements above that are not statements of historical or current fact may constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbor created by Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements that do not relate strictly to historical or current facts, but reflect management’s current understandings, intentions, beliefs, plans, expectations, assumptions and/or predictions regarding the future of the Company’s business and its performance, the economy, and other future conditions and forecasts of future events, and circumstances. Forward-looking statements are typically identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” “continues,” “pro forma,” “may,” “will,” “seeks,” “should” and “could,” and words and terms of similar substance in connection with discussions of future operating or financial performance, business strategy and portfolios, projected growth prospects, cash flows, costs and financing needs, legal proceedings, amount and timing of anticipated future distributions, estimated per share net asset value of the Company’s common stock, and/or other matters. The Company’s forward-looking statements are not guarantees of future performance. While the Company’s management believes its forward-looking statements are reasonable, such statements are inherently susceptible to uncertainty and changes in circumstances. As with any projection or forecast, forward-looking statements are necessarily dependent on assumptions, data and/or methods that may be incorrect or imprecise, and may not be realized. The Company’s forward-looking statements are based on management’s current expectations and a variety of risks, uncertainties and other factors, many of which are beyond the Company’s ability to control or accurately predict. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, the Company’s actual results could differ materially from those set forth in the forward-looking statements due to a variety of risks, uncertainties and other factors. Given these uncertainties, the Company cautions you not to place undue reliance on such statements.
For further information regarding risks and uncertainties associated with the Company’s business, and important factors that could cause the Company’s actual results to vary materially from those expressed or implied in its forward-looking statements, please refer to the factors listed and described under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the “Risk Factors” sections of the Company’s documents filed from time to time with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s quarterly reports on Form 10-Q, and the Company’s annual report on Form 10-K, copies of which may be obtained from the Company’s website at CNLHealthcareProperties.com.
All written and oral forward-looking statements attributable to the Company or persons acting on its behalf are qualified in their entirety by this cautionary note. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to, and expressly disclaims any obligation to, publicly release the results of any revisions to its forward-looking statements to reflect new information, changed assumptions, the occurrence of unanticipated subsequent events or circumstances, or changes to future operating results over time, except as otherwise required by law.
For information contact: Sherry Magee Senior Vice President Communications CNL Financial Group 407-650-1223
Source:CNL Healthcare Properties