Carter Validus amends $425 million loan to add subsidiary guarantor

By Susanna Moon

Chicago, April 4 – Carter Validus Mission Critical REIT II, Inc.’s operating partnership Carter Validus Operating Partnership II, LP amended its $425 million facility to add a subsidiary guarantor.

The company amended its credit agreement with KeyBank NA as agent on March 30 to add wholly owned subsidiary CVOP II in a joinder agreement to become a subsidiary guarantor, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also added the health care property owned by the subsidiary to the collateralized pool for the KeyBank credit agreement, which increased CVOP II’s pool availability under the facility Agreement by about $6,187,500.

In addition, CVOP II entered into an amendment to collateral assignment of interests to pledge its interests in the wholly owned subsidiary that is a party to the joinder agreement to KeyBank as collateral under the loan agreement.

As of Tuesday, CVOP II had a total pool availability under the KeyBank facility of $342,826,000 and an aggregate outstanding principal balance of $310 million.

There is $32,826,000 left to be drawn on the KeyBank facility.

The maximum commitments under the KeyBank agreement consisting of a $325 million revolving line of credit due Dec. 22, 2018, with two 12-month extension periods, and a $100 million term loan due Dec. 22, 2019, with one 12-month extension period.

The maximum commitments can be increased to $550 million.

Carter Validus is a Tampa, Fla.-based real estate investment trust with a focus on data center and medical properties.

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