N3 Real Estate Secures $105 Million Credit Facility
December 3, 2013
Southlake, Texas – December 3, 2013 – N3 Real Estate of Southlake, Texas announces today that it has secured a $105 million secured facility backed by a portfolio of more than 50-net-leased retail assets. The properties are predominantly single-tenant, triple net lease assets in various cities across the United States.
HFF worked on behalf of N3 Real Estate to secure the $105 million financing through KeyBank Real Estate Capital. The transaction included a $60 million term loan, a $45 million revolver and a $145 million accordion. The facility will allow N3 to grow its portfolio significantly in the future. The initial portfolio is 100% occupied with an average remaining lease term of over 11 years. Furthermore, the portfolio’s tenant profile is roughly 35% investment grade.
N3 Real Estate is a fully integrated retail real estate investment development firm based in Southlake, Texas. Founded in 2004, N3 has completed over 200 developments for national and regional retailers and has another $250 million immediately available for single-tenant properties, grocery-anchored centers and neighborhood strip centers.
Direct media contact / interview:
Biff McGuire, CEO