DALLAS-HFF has sourced a $105-million secured credit facility for N3 Real Estate, backed by a portfolio of more than 50 net-leased retail assets. The properties are predominantly single-tenant, triple net lease assets in various cities across the United States.
HFF worked on behalf of N3 Real Estate to secure the $105-million financing through a bank syndicate including KeyBank Real Estate Capital, Regions Bank and Comerica Bank. Key Bank served as the administrative agent and lead arranger with Regions serving as syndication agent. The transaction included a $60-million term loan and a $45-million revolver. The facility will allow N3 to grow its portfolio significantly in the future.
The initial portfolio is 100% occupied with an average remaining lease term of more than 11 years. Furthermore, the portfolio's tenant profile is approximately 35% investment grade.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
