Capital One announced it has provided $21.5 million in first mortgage financing for the acquisition of two properties in the Hudson Valley region of New York, a 66,000 square foot medical office building in Hudson and a 42,000 square foot medical office building in Cornwall. The purchaser is Physicians Realty Trust (NYSE:DOC) a publicly-traded healthcare real estate investment trust (REIT) based in Milwaukee, Wisc. that focuses on investing in medical properties. Vice President Jim McMahon of Capital One Healthcare originated the transactions.
As of March 31, 2016, the Milwaukee-based REIT owns medical properties valued at more than $1.8 billion in 27 states. The Hudson building is leased to Columbia Memorial Hospital and the Cornwall building is attached to St. Luke’s Cornwall Hospital.
“Having worked with Physicians Realty Trust in the past, Capital One Healthcare is pleased to support the team in the purchase of these medical office buildings,” said Capital One Healthcare Managing Director Erik Tellefson. “Physicians Realty Trust is an experienced operator with a strong portfolio of medical properties and we look forward to assisting them with future transactions.”
“Capital One’s deep knowledge of the medical office building market and expertise in structuring similar transactions were critical in making these acquisitions,” noted John Thomas, President and Chief Executive Officer of Physicians Realty Trust’s. “These are attractive properties and will make an outstanding addition to our portfolio.”
Capital One Healthcare is a leading provider of financial services to the industry with over $11 billion in total outstanding balances. 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.