KeyBank National Association joins LaSalle as a lender under the line of
SANTA ANA, Calif., Dec. 18 /PRNewswire-FirstCall/ -- Grubb & Ellis Healthcare REIT, Inc. has negotiated an increase in its secured revolving line of credit with LaSalle Bank National Association.
Under terms of the loan agreement, the maximum principal amount available under the line of credit has increased from $50 million to $80 million. The line of credit is for a term of three years, and bears interest, at the option of Grubb & Ellis Healthcare REIT, at a rate equal to: LIBOR plus a margin of 1.50 percent, the greater of LaSalle's prime rate or the Federal Funds Rate, or a combination of these rates. Additionally, KeyBank National Association joined LaSalle as a lender under the increased line of credit.
Grubb & Ellis Healthcare REIT may utilize the line of credit to fund property acquisitions and for other business purposes.
"We appreciate KeyBank's support for our business strategy by joining the credit facility with LaSalle Bank," said Scott D. Peters, president, chief executive officer and chairman of Grubb & Ellis Healthcare REIT. "In the current credit climate, the continued support we receive from the lending community speaks volumes about Grubb & Ellis Healthcare REIT and the quality of management and product we provide to our investors."
As of December 7, 2007, Grubb & Ellis Healthcare REIT has sold approximately 19.9 million shares of its common stock, excluding the shares issued under its distribution reinvestment plan, for more than $199 million through its initial public offering, which began in the third quarter of 2006.
Grubb & Ellis Healthcare REIT offers a monthly distribution of 7.25
percent per annum and has made 17 geographically-diverse acquisitions
valued in excess of $340 million. The REIT seeks to acquire medical office
buildings and other healthcare-related facilities to take
|SOURCE Grubb & Ellis Healthcare REIT, Inc.|
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