Santa Ana-based Grubb and Ellis Healthcare REIT II has secured a $25 million revolving credit facility with Bank of America. The real estate investment trust will use the funding to finance property purchases, specifically medical office buildings and other health-related facilities.
"This credit facility further strengthens our ability to execute our business plan and more rapidly expand the portfolio of Grubb & Ellis Healthcare REIT II," said Jeff Hanson, chairman and chief executive officer. "Particularly for a new REIT like ours, now is an exceptional time in the market cycle to acquire assets, and Bank of America is supporting this effort.”
The credit service expires on July 19, 2012, but can be extended for an additional year upon meeting certain provisions.
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