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Global Net Lease secures $204M loan

Global Net Lease obtained a $204.0 million loan bearing a fixed interest rate of 3.65% and due Oct. 1, 2029, through 12 units of its operating partnership, Global Net Lease OP LP.

The loan is secured by a first mortgage on 12 single-tenant net-leased office and industrial properties across 10 states and encompassing approximately 2.2 million square feet.

The company used about $86.5 million of the net proceeds to repay outstanding mortgage debt related to the mortgaged properties. Approximately $126.5 million was available for working capital and general corporate purposes.

The company said 11 of the borrowers signed a new property management and leasing agreement with Global Net Lease Properties LLC with respect to 11 of the 12 mortgaged properties.

The lender was KeyBank NA.