Capital One Provides ABL for Bay Area Regional Medical Center
Capital One Bank served as administrative agent and joint lead arranger for a $70 million loan to fund the completion of construction of the Bay Area Regional Medical Center, an acute care hospital in Webster, TX. Once the construction is complete and the hospital’s operations begin, the construction loan will convert to a conventional mortgage.
In addition to the construction loan, Capital One Bank provided Bay Area Regional Medical Center a $14 million asset-based revolving line of credit to fund the hospital’s working capital needs.
The hospital project is a strategic partnership among local physicians, Medistar Corporation, a Houston-based national healthcare property builder and developer, and Surgical Development Partners, a Nashville-based national acute care facility developer and manager.
“The Capital One Bank team provided incredible support to help us complete the construction of Bay Area Regional Medical Center,” said Dr. Michael Lyons, CEO, Bay Area Regional Medical Center. “Our team looks forward to working with Capital One Bank as we begin our operations in the area.”
“We are delighted to team up again with Medistar and Surgical Development Partners and work with the exceptional physicians at the Bay Area Regional Medical Center providing additional acute care beds in this growing area of Houston,” said Todd Gordon, managing vice president, Commercial and Specialty Finance, Capital One Bank. “This is an exciting project for our team, and we look forward to a longstanding relationship with Bay Area Regional Medical Center.”