Bank of America, Key Bank Provide Initial $70M for Griffin's Net Lease REIT

EL SEGUNDO, CA-Griffin Capital Corp. has announced that Bank of America has agreed to provide $35 million to a revolving credit facility for Griffin’s Net Lease REIT, bringing the initial value of the credit facility $70 million. Key Bank had earlier provided $35 million, which the fledgling REIT has used to acquire four properties.

Affiliates of both lenders—Key Bank Capital Markets and Bank of America Merrill Lynch—have been named the allied lead arrangers and joint book runners for the REIT, while Bank of America is the syndication agent. Net Lease REIT intends to increase the borrowing base to $150 million, by inviting other banks to contribute additional debt to the revolving credit line.