Healthcare Trust closes $240M loan at 6.453%, repays $196M credit facility

National Healthcare Properties, Inc.

Loan secured by 62 medical office buildings, 10-year term, interest-only at 6.453%.
Proceeds used to repay $196M and terminate the KeyBank credit facility, removing restrictive covenants.
Remaining ~$39M available for general corporate purposes, including acquisitions.
Company also terminated interest rate swap contracts that hedged the prior credit facility.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

National Healthcare Properties, Inc. entered into Loan Agreement with Barclays Capital Real Estate Inc., Société Générale Financial Corporation and KeyBank National Association valued at $240 million (effective 2023-05-24).

Action: entry
Agreement: credit facility
Counterparty: Barclays Capital Real Estate Inc., Société Générale Financial Corporation and KeyBank National Association
Value: $240 million
Effective: 2023-05-24

Exact text from the filing

On May 24, 2023, Healthcare Trust, Inc. (the “Company”), through certain subsidiaries (collectively, the “Borrowers”) of its operating partnership, Healthcare Trust Operating Partnership, L.P. (the “OP”), entered into a non-recourse Loan Agreement (the “Loan Agreement”), with (i) Barclays Capital Real Estate Inc., (ii) Société Générale Financial Corporation and (iii) KeyBank National Association (each individually, a “Lender,” and collectively, the “Lenders”), in the aggregate amount of $240 million (the “Loan”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

National Healthcare Properties, Inc. terminated Credit Facility valued at approximately $196 million (effective 2023-05-24).

Action: termination
Agreement: credit facility
Value: approximately $196 million
Effective: 2023-05-24

Exact text from the filing

At the closing of the Loan, the Company applied approximately $196 million of the Loan proceeds to repay and terminate the Company’s existing credit facility (the “Credit Facility”).

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National Healthcare Properties, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-066677

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