Flagship REIT Expands Credit Facilities to $500M with Fifth Third Bank
Flagship Healthcare Trust, Inc., a Charlotte-based outpatient healthcare REIT, has expanded its syndicated senior revolving credit facilities arranged by Fifth Third Bank to a total of $500 million. The new structure includes a $175 million revolving credit facility and a $325 million term loan, secured through an equity pledge with an unencumbered pool value of approximately $600 million.
“Moving to a semi-unsecured structure provides us with additional flexibility and demonstrates our lending partners’ recognition of the continued growth and strength of Flagship’s portfolio, platform, and team, as well as our disciplined and prudent approach to debt financing,” said J. Brannen Edge II, President and CEO of Flagship Healthcare Trust.
Formed in 2018 and managed by its affiliate Flagship Healthcare Properties, LLC, the REIT currently holds interests in 109 properties totaling 3 million square feet and valued at over $1.1 billion. Across its platform, Flagship has developed more than 935,200 square feet of medical office space and manages 8.4 million square feet across 385 properties, serving more than 770 tenants.
Eight other financial institutions are participating in the facility, with Fifth Third Bank, National Association acting as the sole bookrunner and lead arranger. Flagship said the enhanced facility will support continued portfolio expansion and its mission of enabling healthcare providers to focus on patient care.
Pictured: Flagship NC headquarters