Healthcare Trust gets $82 million two-year loan at Libor plus 250 bps

By Susanna Moon

Chicago, Jan. 4 – Healthcare Trust, Inc. said its subsidiaries obtained an $82 million two-year loan at one-month Libor plus 250 basis points.

Specifically, the wholly owned subsidiaries of the company’s operating partnership Healthcare Trust Operating Partnership, LP entered into a loan agreement on Dec. 28 with Capital One, NA as lead arranger, bookrunner, administrative agent and lender, according to an 8-K filing with the Securities and Exchange Commission.

The loan is set to mature on Dec. 28, 2019 with a one 12-month extension option.

For the initial term, the companies are required to make monthly interest-only payments, with the principal due at maturity. For any extended term, the borrowers must make monthly payments of principal and interest to amortize the outstanding balance of the loan based on a 25-year amortization schedule, using a 5% per year interest rate.

At the closing, proceeds were used to repay $35 million outstanding under the company’s senior secured revolving credit facility related to 12 of the mortgaged properties that had been included in the pool of unencumbered real estate assets comprising the borrowing base under the revolver, with the rest to be used for general corporate purposes.

The loan may be prepaid at any time. Upon repayment, the borrowers must pay an exit fee of 2% of par for about $63 million principal amount allocated under the loan to the seven mortgaged properties that have been identified for refinancing through Fannie Mae’s Multifamily MBS program; and 1% of par for about $19 million principal amount allocated under the loan to the other 16 mortgaged properties.

No exit fee will be due or payable for any portion of the loan refinanced through Fannie Mae’s Multifamily MBS program with Capital One or one of its affiliates as agent, originator or seller; for any portion of the loan that is not refinanced through Fannie Mae’s Multifamily MBS program due to the program no longer being available under law or because the mortgaged property being refinanced does not qualify for financing through the program; or for any prepayment in connection with a casualty or a condemnation.

The loan is secured by mortgage liens on 23 senior living facilities in six states and a pledge by the operating partnership of its ownership interests in the borrowers.

Healthcare Trust is a New York-based real estate investment trust.

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