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Capital One Closes $250MM Loan to Refinance Medical Office Building Portfolio

July 14, 2017, 07:41 AM
Filed Under: Real Estate

Capital One announced that it served as joint lead arranger, sole bookrunner, and administrative agent for a $250 million syndicated loan to Healthcare Trust, Inc. (HTI). The company will use the funds to refinance 29 medical office assets totaling 1.65 million square feet in 13 states. Capital One will hold $97 million of the facility and has syndicated the remainder with a number of financial institutions.

HTI is a non-listed REIT that owns 163 properties with a gross asset value of approximately $2.5 billion. It plans to use the debt facility to provide added liquidity for growth and to defray future tenant improvements and leasing commissions. “By leveraging our existing relationship with HTI and our experience in the medical office marketplace, we were able to effectively and efficiently close the transaction,” said Erik Tellefson, Managing Director for Capital One Healthcare.  

The portfolio is 95 percent leased and consists of 13 on-campus and 16 off-campus assets that represent approximately 215 leases and 150 tenants. Ten properties were purpose-built for a single hospital or other tenant.

“When it comes to handling a transaction of this type, Capital One is among our preferred lenders,” said Todd Jensen at HTI. “This deal opens a pathway for future growth.”

Capital One Healthcare is a leading provider of financial services to the industry. Customers across healthcare sectors—including senior housing, healthcare services, pharmaceuticals, medical devices, healthcare IT and medical offices—rely on Capital One Healthcare to finance acquisitions, refinance existing debt, support working capital needs and fund growth initiatives. With in-depth expertise, our team of professionals creates solutions tailored to meet the needs of our customers.

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