NorthStar Healthcare Announces Closing of up to $100 Million Credit Facility
New York, NY (November 20, 2013) – NorthStar Healthcare Income, Inc. (NorthStar Healthcare) announced entering into a corporate term credit facility with KeyBank National Association to provide up to $100 million of financing. The credit facility has an initial capacity of $25 million, which can be increased upon the satisfaction of certain conditions. The credit facility will be used to finance NorthStar Healthcare’s investments, including both property acquisitions and directly originated first mortgage loans secured by healthcare real estate.
Daniel R. Gilbert, chief executive officer of NorthStar Healthcare commented, “We are pleased to announce the closing of this versatile credit facility provided by a large, institutional lending partner. As we close on our existing and future pipeline of new investments, this market-leading facility should enable us to respond quickly and efficiently to investment opportunities, which could provide us with a competitive advantage.” Mr. Gilbert continued, “The flexibility provided by this facility will enhance NorthStar Healthcare’s ability to grow its portfolio and successfully execute its business strategy.”