Grubb & Ellis Healthcare REIT II enters $25 million secured revolving credit facility with Bank of America

Grubb & Ellis Healthcare REIT II, Inc. today announced that it has entered into a $25 million secured revolving credit facility with Bank of America, National Association. The credit facility may be utilized to fund property acquisitions and for other general corporate purposes.

"This credit facility further strengthens our ability to execute our business plan and more rapidly expand the portfolio of Grubb & Ellis Healthcare REIT II," said Jeff Hanson, chairman and chief executive officer. "Particularly for a new REIT like ours, now is an exceptional time in the market cycle to acquire assets and Bank of America is supporting this effort."

The credit facility matures on July 19, 2012, but may be extended at the option of Grubb & Ellis Healthcare REIT II for an additional year upon meeting certain conditions. The facility bears interest at a rate equal to LIBOR plus 3.75 percent or 5 percent, whichever is greater.

SOURCE Grubb & Ellis Healthcare REIT II, Inc.