CIBC Bank USA Leads 6 Bank Syndicate; NADG NNN REIT Successfully Closes $202.5 Million Line of Credit
DALLAS, TX / ACCESSWIRE / October 6, 2021 / NADG NNN REIT, a private real estate investment trust, announced that it has successfully closed on a $202.5 million revolving credit facility. CIBC Bank USA served as Administrative Agent for the closing, which included a syndicate of 6 other banks. The proceeds from the credit facility will be used primarily to fund future acquisitions.
"This transaction represents a significant milestone for the NADG NNN REIT," said Stephen Preston, its Founder and Executive Chairman. "The exceptionally robust reception from the lending community serves as a strong validation of the REIT's niche acquisition strategy, market leading performance throughout Covid-19, and diversified national portfolio of high-quality outparcel properties leased to household name, service industry tenants."
The NADG NNN REIT's portfolio now includes over 225 assets, diversified across 32 states and 51 metro areas. The REIT's enterprise value exceeds $650 million and is expected to approach $1 billion over the next 12 months through continued acquisition growth. The REIT successfully closed on $264 Million of Asset Backed Security Bonds in 2019 which were rated investment grade "A" by Standard & Poor's and Kroll Bond Rating Agency.
"2021 is shaping up to be a year of continued vibrant growth for the REIT," said Randall Starr, its President & CEO. "The closing of this transaction, coupled with our growing equity commitments, provide a substantial capital war chest to take advantage of attractive acquisition opportunities."
Founded in 2016, the REIT was formed to assemble a national portfolio of hand-selected outparcel properties. Outparcels are freestanding buildings, situated directly on busy roads with the best access and visibility, triple net leased (NNN) to service oriented, internet proof, household name tenants, under long-term lease agreements.
NADG NNN Media Contacts
CIBC (NYSE:CM) (TSX:CM) is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. CIBC offers a full range of advice, solutions and services in the United States, across Canada and around the world. In the U.S., CIBC Bank USA provides commercial banking, private and personal banking and small business banking solutions and CIBC Private Wealth offers investment management, wealth strategies and legacy planning. Visit us at cibc.com/US.
SOURCE: North American Development Group
View source version on accesswire.com:
© 2021 Accesswire. All Rights Reserved.