CIBC Bank USA Leads 6 Bank Syndicate; NADG NNN REIT Successfully Closes $202.5 Million Line of Credit

Rhea-AI Summary

DALLAS, TX / ACCESSWIRE / October 6, 2021: NADG NNN REIT has closed a $202.5 million revolving credit facility, led by CIBC Bank USA and supported by six other banks. The funds will primarily be used for future acquisitions, marking a significant milestone for the REIT. With over 225 assets across 32 states, the REIT's enterprise value is projected to approach $1 billion within the next year. Leadership emphasized the strong market performance and strategic acquisition opportunities as key growth drivers for 2021.

Positive

• Successfully closed a $202.5 million revolving credit facility.
• Portfolio includes over 225 assets across 32 states.
• Projected enterprise value to approach $1 billion within 12 months.

Negative

• None.

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

Stephen Preston, spreston@nadgus.com
Randall Starr, rstarr@nadg.com
Website: www.nadgnnn.com

Instagram: nadg_nnn

About CIBC

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:
https://www.accesswire.com/667055/CIBC-Bank-USA-Leads-6-Bank-Syndicate-NADG-NNN-REIT-Successfully-Closes-2025-Million-Line-of-Credit

FAQ

What credit facility did NADG NNN REIT close?

NADG NNN REIT closed a $202.5 million revolving credit facility.

Who led the credit facility for NADG NNN REIT?

CIBC Bank USA served as the Administrative Agent for the credit facility.

How many assets does NADG NNN REIT have?

NADG NNN REIT's portfolio includes over 225 assets.

What is the projected enterprise value of NADG NNN REIT?

The projected enterprise value of NADG NNN REIT is expected to approach $1 billion within the next 12 months.

What will the proceeds from the credit facility be used for?

The proceeds will primarily be used to fund future acquisitions.