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Capital One Closes $68MM Loan for San Diego Medical Office Building Portfolio

September 08, 2017, 07:00 AM
Filed Under: Real Estate

Capital One announced that it provided a $68 million loan for the acquisition of two campus-adjacent outpatient medical office buildings by Anchor Health Properties in the La Jolla/UTC submarket of San Diego. The properties total 206,000 square feet. The funding will also support future tenant improvements and leasing commissions for the properties.

‘We were very pleased that Anchor Health Properties turned to us to finance this acquisition,” said Erik Tellefson, Managing Director of Capital One Healthcare Real Estate. “Because of our longstanding relationship and understanding of their growth strategy, we were able to structure the transaction to meet their needs.”

Anchor Health Properties is a national, full-service healthcare real estate development, management and investment company focused exclusively on medical facilities.

“We believe that these properties represent some of the best medical real estate in Southern California,” said James Schmid, Anchor's Chief Investment Officer. "Our relationship with Capital One, and their expert knowledge of the healthcare real estate market, made them a clear choice to assist us with this purchase." 

The two-building Chancellor Park Medical Campus is located in the desirable University Towne Center (UTC) submarket, close to the UC San Diego Jacobs Medical Center and Scripps Memorial Hospital La Jolla. Built in 1988 as traditional offices, the three-story buildings have been gradually converted to medical use. Of the total occupied square footage, the property is currently 82 percent medical, 18 percent non-medical. The properties are 94 percent occupied, and UC San Diego Health, which currently leases 44 percent of the buildings, is the anchor tenant. The buildings form the largest outpatient medical campus in UTC and one of the larger outpatient medical campuses in Southern California.

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