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Griffin Capital Essential Asset REIT units land $375M loan

Special-purpose entities owned by the operating partnership of Griffin Capital Essential Asset REIT Inc. secured a loan in the aggregate amount of $375.0 million, backed by various mortgages.

Griffin Capital used roughly $294.1 million of proceeds from the loan to pay down a portion of its credit facility with KeyBank NA.

Roughly $77.3 million of the financing is held in an interest-bearing escrow account with Bank of America until certain conditions are satisfied.

The loan, which bears interest at 3.77%, was provided by Bank of America NA and has a term of 10 years, maturing Oct. 1, 2027.