Flagship Healthcare Trust, a Charlotte, NC-based outpatient healthcare real estate investment trust, expanded its syndicated senior revolving credit facility arranged by Fifth Third Bank.
The $265 million senior secured credit facility has a $100 million revolver and a $165 million term loan. Flagship also increased its borrowing capacity by an additional $200 million through an accordion feature.
Created in 2018, Flagship Healthcare Trust is managed by its affiliate, Flagship Healthcare Properties, and holds more than 87 healthcare properties valued at more than $800 million throughout the Mid-Atlantic and Southeast.
“The new revolving credit facility boosts our financial capability and improves our capital efficiency,” J. Brannen Edge III, president and CEO of Flagship Healthcare Properties, said. “In the competitive landscape of healthcare real estate, speed and certainty are important differentiators, and this expanded facility provides both.”
Nine other banks are participating in the credit facility, with Fifth Third serving as sole bookrunner and lead arranger.
