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Capital One Closes $11MM Loan to Fund Acquisition of South Carolina Medical Office Building

November 01, 2018, 07:11 AM
Filed Under: Healthcare

Capital One announced that it provided an $11 million adjustable-rate loan to Altera Development, a Dallas-based real estate development company that develops and manages properties including medical office, hospital, multifamily, and industrial projects across the U.S. Altera used these funds to acquire a 109,000-square-foot medical office building in Spartanburg, South Carolina.

The loan consists of $6.5 million in initial funding, a holdback for tenant improvements/leasing commissions and an earnout. The property is located on the campus of Mary Black Hospital, one of Spartanburg’s two hospitals.

“Altera has more than 25 years of experience in the medical office building market,” said Erik Tellefson, Managing Director of Capital One Healthcare. “Their team has the combination of skills and experience needed to help this property reach its potential.” This is Capital One’s fifth deal with Altera.

“The healthcare team at Capital One understood how this asset fits into our larger strategy,” said Terry Quinn, Altera’s CEO. “Thanks to our longstanding relationship, they were able to effectively and efficiently close the transaction to meet our timetable.”

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