Significantly boosts REIT's investment and borrowing capacity
CHARLOTTE, N.C., Oct. 20, 2022 /PRNewswire/ -- Flagship Healthcare Trust, Inc. (Flagship REIT), a Charlotte-based outpatient healthcare real estate investment trust, has expanded its syndicated senior revolving credit facility arranged by Fifth Third Bank.
The $265 million senior secured credit facility has a $100 million revolver and a $165 million term loan. Flagship also increased its borrowing capacity by an additional $200 million through an accordion feature.
Created in 2018, Flagship REIT is managed by its affiliate, Flagship Healthcare Properties, LLC (FHP), and holds more than 87 healthcare properties valued at over $800 million throughout the Mid-Atlantic and Southeast. Flagship REIT plans to continue growing its portfolio and supporting healthcare providers, allowing them to focus on delivering exceptional patient care.
"The new revolving credit facility boosts our financial capability and improves our capital efficiency," said President and Chief Executive Officer J. Brannen Edge III. "In the competitive landscape of healthcare real estate, speed and certainty are important differentiators, and this expanded facility provides both."
Nine other banks are participating in the credit facility with Fifth Third Bank, National Association serving as the sole bookrunner and lead arranger.
For more information about Flagship REIT and FHP, visit www.FlagshipHP.com.
Flagship Healthcare Properties, LLC (Flagship) is a fully-integrated outpatient healthcare real estate firm serving clients throughout the Southeastern and Southern Mid-Atlantic United States. Headquartered in Charlotte, North Carolina, Flagship offers a full range of real estate services including investment and capital solutions, development, property sales, leasing and marketing, as well as facilities, property and asset management. Flagship manages over 5.1 million square feet of healthcare real estate in over 220 properties serving more than 530 tenants. Flagship serves as the manager of its private REIT, Flagship Healthcare Trust, Inc. For further information, visit www.FlagshipHP.com.
Flagship Healthcare Trust, Inc. (Flagship REIT), is a private real estate investment trust that owns clinical healthcare assets in the United States. Flagship REIT holds interest in more than 89 healthcare properties valued at over $850 million. Flagship REIT's current portfolio includes more than 2.3 million square feet of medical office space and more than 250 tenants. For further information, visit www.FlagshipREIT.com.
SOURCE Flagship Healthcare Properties, LLC
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