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Tampa REIT secures $250 million loan

  • By Louis Llovio
  • | 12:45 p.m. March 21, 2024
  • | 2 Free Articles Remaining!
UTMB Health Clear Lake Hospital was sold by Sila for $258.4 million.
UTMB Health Clear Lake Hospital was sold by Sila for $258.4 million.
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Sila Realty Trust, a Tampa REIT with a majority of its holdings in the medical field, has closed on a $250 million loan to replace an existing loan coming due in December.

In a note to investors, the company says the new loan is for three years and includes two 12-month extension options. The previous loan was fully paid off.

Sila is based in Water Street Tampa and owns more than 132 properties and two undeveloped parcels in 58 U.S. markets.

Since selling 29 data centers in 2021 for $1.32 billion, it has been mostly focused on the health care industry. Just last month it bought a suburban Indianapolis inpatient rehabilitation facility for $39 million.

Other recent deals include the purchase of 104,912-square-foot medical office building near Chicago for $59.95 million in October and the purchase of three-building medical office complex in Washington state $8.5 million.

As for this loan, the company’s executive vice president and CFO Kay C. Neely says in the note that it comes “during these more challenging times in the debt capital markets, as underwriting standards have tightened and deal activity has slowed.”

According to its fourth-quarter earnings report released in February, Sila's net operating income was up 2% to $38.4 million when compared to the fourth quarter the previous year. Year-over-year, its net operating income rose 1% to $142 million.



Louis Llovio

Louis Llovio is the commercial real estate editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.

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