CIM Real Estate Finance Trust secures $650M mortgage loan, pays down $220M existing facility

CIM REAL ESTATE FINANCE TRUST, INC.

Entered $650M floating-rate first lien mortgage loan from JPMorgan Chase and DBR Investments Co. Limited.
Loan secured by 113 properties (88.8% leased, 5.9-year WALT); interest at 1M LIBOR + 2.75%.
Initial term to August 2023 with three 1-year extension options; interest-only, non-recourse.
Proceeds used to pay down existing debt; terminated $350M CCPT V credit facility with $220M outstanding.
Guarantor CIM Real Estate Finance Trust must maintain net worth ≥$250M and liquid assets ≥$50M.

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