Flagship REIT Enhances Financial Stability Through Expanded Credit Facilities
Flagship Healthcare Trust, Inc. (commonly referred to as Flagship REIT) has taken a substantial step in fortifying its financial foundation by expanding its revolving credit facilities. Based in Charlotte, North Carolina, this outpatient healthcare real estate investment trust has recently secured a notable $500 million senior secured credit facility organized by Fifth Third Bank, which consists of a $175 million revolving credit facility and a $325 million term loan. This funding arrangement is significant as it is anchored by an equity pledge and bolstered by an Unencumbered Pool Value of approximately $600 million.
Strategic Growth and Evolution
According to J. Brannen Edge III, the President and CEO of Flagship REIT, the completion of this expanded and restructured syndicated credit facility marks a critical milestone in the company's growth journey. The shift towards a semi-unsecured structure not only enhances flexibility but also underscores the confidence that lending partners have in the robustness and ongoing development of Flagship's portfolio, operational platform, and dedicated team. He notes that this approach aligns with their disciplined strategy toward debt financing, enabling the company to navigate future opportunities competently.
Fifth Third’s Managing Director, Mick Perillo, expressed pride in facilitating what he describes as a pivotal credit facility for Flagship. He emphasized that this transaction exemplifies their commitment to clients and showcases their team's proficiency in providing intricate and strategic financing solutions. With this infusion of capital, Flagship is better positioned to pursue its long-term growth objectives, which include further acquisitions and development within the medical outpatient sector.
A Growing Footprint
Founded in 2018, Flagship REIT is managed by its affiliate, Flagship Healthcare Properties, LLC. Flagship has already developed an impressive portfolio encompassing over 935,200 square feet of medical office space, in addition to managing more than 8.4 million square feet of healthcare real estate across over 385 properties, which collectively serve more than 770 tenants.
This latest credit facility not only signifies an important achievement for Flagship but also streamlines its capital composition, extends the maturity profile of its debt, and reduces borrowing costs. Andrew Dhionis, the Vice President and Managing Director, Investments, articulated that the enhanced financial structure will afford them increased flexibility to advance their strategic initiatives.
Collaborative Support
Importantly, this credit facility sees participation from eight additional financial institutions, with Fifth Third Bank serving as both the lead arranger and sole bookrunner. This collaborative effort further illustrates the financial community’s trust in Flagship REIT and its vision.
In conclusion, the expansion of their revolving credit facilities not only strengthens Flagship REIT's capital position, but also catalyzes potential avenues for growth and development in the healthcare real estate sector, ensuring that the trust remains a significant player in the market.
For further information regarding Flagship Healthcare Properties and their ongoing initiatives, visit their official website at www.FlagshipHP.com.
Strategic Growth and Evolution
According to J. Brannen Edge III, the President and CEO of Flagship REIT, the completion of this expanded and restructured syndicated credit facility marks a critical milestone in the company's growth journey. The shift towards a semi-unsecured structure not only enhances flexibility but also underscores the confidence that lending partners have in the robustness and ongoing development of Flagship's portfolio, operational platform, and dedicated team. He notes that this approach aligns with their disciplined strategy toward debt financing, enabling the company to navigate future opportunities competently.
Fifth Third’s Managing Director, Mick Perillo, expressed pride in facilitating what he describes as a pivotal credit facility for Flagship. He emphasized that this transaction exemplifies their commitment to clients and showcases their team's proficiency in providing intricate and strategic financing solutions. With this infusion of capital, Flagship is better positioned to pursue its long-term growth objectives, which include further acquisitions and development within the medical outpatient sector.
A Growing Footprint
Founded in 2018, Flagship REIT is managed by its affiliate, Flagship Healthcare Properties, LLC. Flagship has already developed an impressive portfolio encompassing over 935,200 square feet of medical office space, in addition to managing more than 8.4 million square feet of healthcare real estate across over 385 properties, which collectively serve more than 770 tenants.
This latest credit facility not only signifies an important achievement for Flagship but also streamlines its capital composition, extends the maturity profile of its debt, and reduces borrowing costs. Andrew Dhionis, the Vice President and Managing Director, Investments, articulated that the enhanced financial structure will afford them increased flexibility to advance their strategic initiatives.
Collaborative Support
Importantly, this credit facility sees participation from eight additional financial institutions, with Fifth Third Bank serving as both the lead arranger and sole bookrunner. This collaborative effort further illustrates the financial community’s trust in Flagship REIT and its vision.
In conclusion, the expansion of their revolving credit facilities not only strengthens Flagship REIT's capital position, but also catalyzes potential avenues for growth and development in the healthcare real estate sector, ensuring that the trust remains a significant player in the market.
For further information regarding Flagship Healthcare Properties and their ongoing initiatives, visit their official website at www.FlagshipHP.com.
Topics Financial Services & Investing）
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