CICERO, Ind., July 17, 2012 /PRNewswire/ -- Mainstreet Property Group, LLC, announced today that certain of HealthLease Properties Real Estate Investment Trust's (the "REIT")(TSX:HLP.UN) indirect subsidiaries have entered into a $25,000,000 revolving credit facility (the "Facility") with PNC Bank. The Facility has an initial term of 36 months from closing. The Facility provides for interest-only payments during the term and a borrowing rate of LIBOR (London Interbank Offer Rate) plus 275 to 325 basis points, depending on the total amount drawn. The REIT has provided a guarantee in respect of its subsidiaries' obligations under the Facility.
Cicero, Indiana-based senior housing developer Mainstreet Property Group, LLC, led by chairman & CEO Zeke Turner, indirectly holds an interest in the REIT through the ownership of Class B limited partnership units of a subsidiary of the REIT.
"The additional net proceeds from the REIT's initial public offering, coupled with the new credit line, further enhances our already strong financial position and puts the REIT in a fantastic spot to be competitive and opportunistic in the marketplace," Chairman and CEO Zeke Turner said.
This press release contains forward-looking statements which reflect the REIT's current expectations regarding future events. The forward-looking statements involve risks and uncertainties, including those set forth in the REIT's final prospectus dated June 8, 2012 under the section "Risk Factors", a copy of which can be obtained at www.sedar.com. Actual results could differ materially from those projected herein. The REIT disclaims any obligation to update these forward-looking statements.
About Mainstreet Property Group
Providing healthcare for a variety of short-term and long-term needs, Cicero, Indiana, based Mainstreet Property Group offers guests concierge-based health care in a hotel-like atmosphere. Mainstreet's Next Generation™ design includes multiple social destinations, restaurant-style dining, spacious private rooms and baths, and therapy/wellness. Mainstreet was named to the Inc. 500/5000 list of fastest-growing companies in both 2010 and 2011. It has been listed as the third-fastest growing private company in the area by the Indianapolis Business Journal and one of 41 "Companies to Watch" in the state by the Indiana Economic Development Corporation, Purdue University and the Edward Lowe Foundation. For additional information, visit www.mainstreetcap.net.
Contact: Kate Snedeker
SOURCE Mainstreet Property Group, LLC