McKinley Closes 10-Year Structured Financing with CIBCMarch 28, 2018
Ann Arbor, Michigan - McKinley announced today the successful closing of a $50,850,000 10-year structured financing with CIBC for its Owned NNN Portfolio. The 10-year loan offers fixed-rate financing in a rising-interest rate market, along with the optionality and flexibility McKinley needs to manage this portfolio into the future. McKinley’s NNN portfolio consists of absolute triple net leases with newly constructed buildings and investment grade tenants with long lease terms in premiere locations.
“We carefully handpicked these assets to ensure the long-term stability of our portfolio and partnered with CIBC to create a fixed-rate model to support stable cash flow for a decade,” offered Jim Willett Senior Vice President & Managing Director – Finance. “This is particularly important for us in a rising rate market. We're proud of our close relationship and partnership with CIBC that allows us to structure the financing needed to ensure this portfolio can weather any storm and remain a quality investment for years to come." further offered Willett.
The portfolio consists of exceptional assets mostly with investment grade tenants in place located in growing markets throughout Florida, Georgia, South Carolina and Michigan. “We are familiar with these markets and have a long history of investment in these regions,” added Willett. “These are quality tenants in growing markets that will meet the needs of their customers for decades.”