Carter Validus Mission Critical REIT II Inc.'s Carter Validus Operating Partnership II LP obtained a lender commitment letter to increase its existing $315.0 million credit facility with KeyBank NA to as much as $425.0 million.
The new commitment comprises a $325.0 million revolving line of credit due Dec. 22, 2018, with two 12-month extension options, and a $100.0 million term loan due Dec. 22, 2019, with a 12-month extension option. The facility may be further expanded to $550.0 million.
The operating partnership had a roughly $279.4 million total pool availability and a $270.0 million aggregate outstanding principal balance under the facility as of Dec. 12, with about $9.4 million left to be drawn on, according to a filing.
Citizens Bank NA, Eastern Bank and Hancock Bank are the new lenders under the facility.