Capital One provided a $38.6 million adjustable-rate loan to finance the acquisition of a 140,000-square-foot medical office building in Dover, DE.
The borrower is a joint venture of MedProperties Realty Advisors, Capital Security Advisers, and Physicians Realty Trust.
The facility includes initial funding of $36.05 million, a $2 million holdback for tenant improvements and leasing commissions, and a $500,000 capital expenditure holdback.
“We were pleased to partner once again with MedProperties and Physicians Realty Trust. We have had a long and storied relationship with both parties,” said Erik Tellefson, Managing Director of Capital One Healthcare. “This is an excellent property in a stable market.” _x000D_
MedProperties is a Dallas-based private equity fund that develops and acquires healthcare real estate including medical office buildings, out-patient facilities, ambulatory surgery centers, inpatient rehabilitation facilities, and surgical hospitals. Physician’s Realty Trust, a publicly traded healthcare REIT, specializes in acquiring, selectively developing, owning and managing healthcare properties that are leased to physicians, hospitals and healthcare delivery systems.
“We have partnered with Capital One many times because of the depth of their experience in medical office building finance,” said Darryl Freling, cofounder of MedProperties. “They are really quick to understand our goals for each property, structure the deal accordingly, and provide certainty of execution.”
