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Griffin Capital Essential Asset REIT II secures $750M of loans

Diversified real estate investment trust Griffin Capital Essential Asset REIT II Inc. secured a $550 million revolving credit facility and a term loan of $200 million.

The aggregate amount of the loans can be boosted to up to $1.25 billion under certain circumstances.

The revolver has an initial term of four years, maturing June 28, 2022, with a one-year extension option. The term loan has an initial term of five years, maturing June 28, 2023.

The proceeds of the loans will be used for expenses connected to real property, debt refinancing, capital and tenant improvements and working capital.

KeyBank NA serves as administrative agent for the loans.